Home » Small business news roundup-30th October 2020

Small business news roundup-30th October 2020

Houses Prices climb to record high

House prices have risen to their highest in 5 years according to Nationwide. House prices rose by 5.8% making an average house £227,826 perhaps fuelled by the stamp duty holiday that comes to end at the end of March.

This is coupled with mortgage approvals being at a 13 year high according to the bank of England. Many in the industry fear that we are in a property bubble and that when the stamp duty holiday stops the bubble will burst.

To read the full story click here.

HSBC says it could charge for current accounts

HSBC is considering charging for normal current accounts because of a 35% fall in profits. This is due to large losses incurred due to COVID -19. However, for the time being they have stated that they will continue to provide free banking but will keep reviewing this throughout the pandemic.

HSBC are now seeing some signs of improvement and we hope that this continues so that bank accounts are not impacted in the future.

To read the full story, click here. 

1m self-employed face having to pay tax bill larger than what they earnt

Self-employed tax payers face tax bills on 31st January based on last years profit. However, for some, they may not have made as much this year and these tax payers may be due to pay more in tax than they have earnt this year!

However, anticipating the problem, HMRC has allowed the self-employed to defer payment on account and to request a reduction in their tax bill if they are facing financial difficulty and know their earnings will be down.

Click here to visit the HMRC portal.

And for the full story, click here.

Nearly half a million self-employed face having universal credit cut

It has not yet been confirmed that self-employed people claiming universal credit will face cuts from the 13 of November. This comes as the government want to align the self-employed with full-time workers that are on a minimum wage.

The Treasury have stated that self-employed people have been provided with many schemes to support the loss of earning during this time, with 435,000 claiming for help that have suffered no loss of income.

On the flip side there are many self-employed that have not received any help and that needs to be considered when making changes to the universal credits.

To read the full story, click here. 

Check if you can claim back Statutory Sick Pay paid to employees due to coronavirus (COVID-19)

This scheme allows you to claim back up to 2 weeks of statutory sick pay for former or current employees that have had time off for Coronavirus.

“The rules for claiming back the SSP are as follows:

  • You have already paid your employee’s sick pay
  • You’re claiming for an employee who’s eligible-To find out if your employees are eligible click here. 
  • You have a PAYE payroll scheme that was created and started on or before 28th February 2020
  • You had fewer than 250 employees on 28th February 2020 across all your PAYE payroll schemes”

To find the full guidance for this scheme, click here.