Corporation Tax

Chopstix benefits from £190,000 R&D tax credit

Oriental takeaway chain, Chopstix, has revealed that it has secured £190,000 in government tax benefits through an R&D scheme. The group which operates 70 noodle bars nationwide, serves five million meals a year. Part of the R&D that Chopstix has performed involved improving the recipe of its curry sauce and…

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Budget 2021: Chancellor unveils new £65bn support package

Chancellor Rishi Sunak has outlined a new £65bn support package in his March budget, confirming the decision to extend the furlough scheme until the end of September as well as new loan schemes of up to £10m for businesses. In what is Sunak’s second budget since he joined office in…

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Chancellor expected to extend furlough until May

Chancellor Rishi Sunak is expected to announce a further extension to the government’s furlough scheme until May in his Budget speech next week.  According to The Times, the move is expected after Boris Johnson promised not to “pull the rug out” from businesses when restrictions eventually begin to ease under…

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Sunak looks to raise corporation tax in March budget

Chancellor Rishi Sunak is reportedly looking to raise corporation tax in the upcoming March budget to pay off the estimated £400bn borrowed by the UK throughout the pandemic. According to The Financial Times, the alleged move has sparked uproar among business owners who claim they are still struggling with the economic impact of Covid-19. However, it…

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A fifth of SMEs at risk of collapse, say experts

Almost a fifth of SMEs will not survive the coronavirus crisis, according to new findings from the Corporate Finance Network.  The group predicted that the closures would take place within the next four weeks despite government support measures, as the pandemic continues to unfold and affect retail. The network, which…

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ROUNDUP: Business rates holiday announced by chancellor Sunak

In his maiden budget, the new chancellor, Rishi Sunak, has announced a £30bn fiscal stimulus package to help combat the impact of coronavirus on the British economy including a one-year total suspension of business rates for small retail, leisure and hospitality businesses. Headline measures include: A £12bn plan to provide…

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Ted Baker hanging by a thread amid £58m balance sheet black hole

If you have shares in Ted Baker, you are probably not having a good morning. The price has tanked by almost 7% after news broke that the fashion brand has found a £58m black hole in its accounts. There’s being a few hundred thousand or a few million short, but…

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Directors of Poole steakhouse banned for tax offences

Three directors from a steakhouse in Poole have been disqualified for a total of 18 years after submitting inaccurate tax returns. Jalal Ahmed (50) of Southsea, Satokh Singh Dhanda (62) and Mohammad Motiur Rahman (56), both of Southampton, were directors of the Rancho Steak House Ltd. The business, formerly of…

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Finally, a government addressing the business rates fiasco

Regardless of your political colours, small businesses up and down the land will be pleased to hear of at least one policy which looks set to survive the transition from manifesto wish lists to actual policy and legislation, and that is a business rates overhaul. The prime minister, Boris Johnson,…

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The election is over – time for the Tories to deliver for small businesses

It now looks as though political stasis and all the damage that does to business will be lifted in 2020. Boris Johnson’s victory in the election is the Tories’ strongest since the Thatcher era, and gives him great scope to implement bold policies. At this juncture it’s worth taking a look…

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