While we may not be able to physically join hands at the moment given the current social distancing measures, as business owners we can all virtually join together to help and support each other as much as we can. Hopefully, you will have seen the statement issued by the Prime Minister and Chancellor on 17th March 2020, outlining the additional support they are making available for businesses. These measures include: Cash Grants and Loans
Not only have we had the news that interest rates have been cut from 0.75% to 0.25% today, Rishi Sunak has also delivered his first Budget, which we’ve been awaiting with interest. It’s the detail that is important, not just those few points that make the headlines. So, here is our summary of the key points for business owners. Budget Summary for Business Owners The main income tax and corporation tax rates and thresholds remain unchanged. Entrepreneurs’ Relief We’re pleased to see that Entrepreneurs’ Relief has been retained.
Well if you’re reading this post then you are doing better than thousands of other business owners out there. Statistics from professional institutes indicate that 45% of businesses still don’t know what Making Tax Digital is or how it applies to them. That’s worrying! So, what is Making Tax Digital for VAT? Simply put, it is legislation which HMRC is introducing to require businesses to keep digital accounting records, rather than paper based or other manual methods. In addition, HMRC are changing the way in which we are allowed to submit our VAT returns. Certain businesses will no longer be able to login to
We’re excited to say that a client has started building works this week, which are being funded 40% by a grant that we signposted for them! New jobs must be created as a result of the project. There are a few other conditions as well which are explained here along with a map of eligible areas. If you’d like assistance in applying for a grant or other funding, then please get in touch and we’ll be happy to help you. Here’s a review from our client: “As a small business owner we have found the support provided by Reach to be invaluable. Due to Reach’s approach we have always known what is around the corner enabling us to better plan for the future.
Here is a fantastic opportunity for anyone you know that is thinking of starting their own business, but doesn’t know where to start. Kick Off In Business are running a FREE 3 day course to help people decide whether being self-employed or starting their own business is for them and if so help them to get started. They will provide attendees with a wealth of information to launch their business including details on how to create their offer, what grants are available, social media training and setup, etc. Upcoming courses are being run in Stoke-on-Trent, Leek, Uttoxeter, Burton, Tamworth, Darlington and Middlesbrough.