Our analysis of the balance sheets of more than 13,500 SMEs in the UK shows that the average SME now has only 95% of the cash (or other easily realisable assets) to pay those debts due in the next 12 months.
1,452 UK restaurant businesses and 526 UK pub businesses went insolvent in 2019, highlighting the weak state of the leisure industry as it entered the Coronavirus-related disruption.
HMRC’s Business Payment Support Service (BPSS) has been overwhelmed by enquiries from businesses and self-employed individuals impacted by the Coronavirus outbreak with some callers put on hold for as long as 48 minutes.
British expats and non-residents stuck in the UK due to Coronavirus lockdowns worldwide may be hit by major unexpected and heavy tax bills.
Growth in the number of UK distillers shows no signs of stopping, rising another 20% to 246 in the last year up from 205 the previous year.
The increase in research and development tax relief won’t help small and medium businesses, who are in greater need of tax relief to help fuel their R&D activities, unlike larger corporations that are likely to already have a significant budget for R&D expenditure.
In the Budget, the Chancellor announced that National Living Wage will rise from £8.21 currently to at least £10.50 by 2024. Increasing the already aggressive targets for the National Living Wage will add to the cost burden on restaurants and pubs that are already struggling to make ends meet.
The Government’s announcement of an extension of the Time To Pay (TTP) scheme in the Budget will be critical for SMEs across the UK – but only if HMRC agrees arrangements with businesses quickly.
Our research shows that this measure could boost uptake of EVs amongst drivers and help the Government meet its targets for at least half of new cars to be ultra-low emission by 2030.
UHY Hacker Young has added three new partners. Mike Burt joins our London office, Helen Cowley joins our Manchester office, while Shona Munday has been promoted in our Letchworth office.