Home » Small business news roundup-2nd October 2020

Small business news roundup-2nd October 2020

Thousands of UK firms may need to set up an EU office

Both EU and UK law will require companies to ‘have a door to knock on ‘. It Is suggested that it will be vital for companies that trade in the EU will need a presence in the EU or vice versa. Businesses will not be allowed to submit any customs documents if they do not have a presence. This applies to both sides of the channel.

These issues will arise whether the UK and EU strike a free trade agreement.

For the full story click here.

Government to protect small businesses with action on late payments

The Government propose to give more power to small business, helping with late payments. Currently, there are around £23 billion late invoices owed to small businesses across Britain, impacting on cashflow and ultimate survival.

This allows small business to order companies to pay them either in a lump sum or agree to a payment plan. If companies do not comply or are late with payments, they could then face penalties.

For the full story click here.

Nearly two thirds of Bounce Back Loans could go bad, says Government

Up to 60% of emergency Bounce Back Loans may never be repaid, the business department has advised the Bounce Back Loans could go bad.

This, therefore, would mean the taxpayers having to find the money to cover the cost of the small business loans which have defaulted.

Caroline Plumb, founder of small business loans fintech Fluidly said: “ The lack of credit checks, liability and an unmatchable interest rate for business accessing the BBLS essentially made it free money.”

For the full story click here.