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Government help for SMEs – five financial support options

Government help for SMEs – five financial support options

If you are a small or medium business (SME), there is government support you can access now, to “help you invest and grow”. Claim up to £5,000 with the Employment AllowanceEmployment Allowance is a tax relief which allows eligible businesses to reduce their National Insurance contributions (NICs) bills each year. You can claim this if...

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Employment allowance rises to £5k for small businesses

Employment allowance rises to £5k for small businesses

The Chancellor announced in the Spring Statement that the Employment Allowance will rise from £4,000 to £5,000.  This allows eligible employers (small businesses with Class 1 National Insurance liabilities less than £100,000) to reduce their annual National Insurance liability by up to the annual allowance amount – now £5,000. See how and when to claim here.

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Commercial rent code of practice creates arbitration system

Commercial rent code of practice creates arbitration system

The Department for Levelling Up, Housing and Communities and the Department for Business, Energy and Industrial Strategy have published the revised Commercial Rent Code of Practice.   The Government says it hopes that this will help “tenants still reeling from the effects of the pandemic to confront their debts, come to an agreement with their landlord...

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£150m in loans to innovative small businesses

£150m in loans to innovative small businesses

A series of loan competitions with up to £150m available to innovative small businesses has been unveiled by the Government and Innovate UK. SMEs in fields including advanced materials and manufacturing, net zero, health and wellbeing, next-generation digital technologies, engineering biology, electronics, sensors, photonics and quantum, and robotics and smart machines are all encouraged to...

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Update on rates holiday in Northern Ireland

Update on rates holiday in Northern Ireland

Finance Minister Conor Murphy of the Northern Ireland Executive has updated the Assembly on the Draft Budget and additional funding. Minister Murphy said he intends: “to proceed to freeze both domestic and non-domestic regional rates next year, which will help with the rising costs faced by families and businesses. Unfortunately I cannot extend this to...

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Latest Additional Restrictions Grant guidance out

Latest Additional Restrictions Grant guidance out

The new guidance for the additional £102m Additional Restrictions Grant (ARG) funding is similar to the previous guidance. This third top-up is being allocated to councils on a per business basis, as per previous tranches. Some of the key features are: Unlike previous tranches, councils are not allowed to use this new funding for business...

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Additional support for businesses announced by HM Treasury

Additional support for businesses announced by HM Treasury

The Chancellor has today (21 December 2021) announced that additional support will be available for businesses that have been impacted by the Omicron variant. The package of support includes the reintroduction of the Statutory Sick Pay Rebate Scheme, a new grant scheme for businesses in hospitality and leisure and a top up to the Additional...

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Recovery Loan Scheme – post-Budget updates

Recovery Loan Scheme – post-Budget updates

In light of the announcement in the autumn Budget, the details of the recovery Loan Scheme have been updated. From 1 January 2022, the following changes will come into force: The scheme will only be open to small and medium sized enterprises The maximum amount of finance available will be £2 million per business The...

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