Business & Investment

Thousands of UK companies excluded from the Prime Minister’s rescue package

Thousands of UK companies that do not own or rent real estate and work in their homes or service offices are excluded from the Prime Minister’s latest rescue package.

Richard Churchill, Business Advisory Partner of the Tax and Advisory Company, said: “Up to £ 9,000 per property welcomes dealing with the latest lockdowns to provide additional support to the most hit businesses in retail, hospitality and leisure. These non-physical sectors Excludes many companies and individuals. “

Churchill added: “In recent years, many companies have taken advantage of the increased flexibility provided by serviced office spaces, and many people work from home, but they still make up the majority of these heavily affected sectors. We provide various services for events and projects. Distribute nationwide.

“They provide support services where they can claim benefits, but they can’t.”

Churchill said: “Grants should be available to all companies in these sectors and should not be related to having physical property.”

He added:

“The Prime Minister has raised the limits of the bounce back loan scheme and the guarantee level of the CBIL scheme, and provided details of the successor loan scheme to ensure that these affected companies have sufficient funds to start trading once. Access must be secured. This current blockade is over. “

Churchill said: “Increasing corporate debt is not the answer. An integrated approach to enable corporate owners and governments to access these aids to benefit from future corporate growth. It needs to form part of a successor loan scheme. “

He added: “While many self-employed people are engaged in these sectors and are subject to self-employed income support schemes, this is based on tax return data from April 6, 2018 to April 5, 2019. This does not include anyone who has become self-employed since April 5, 2019.

“This support also excludes those who did not file their tax returns by mistake until after the 2019 deadline. This is primarily for those who did not file their tax returns because they were below their income limits and have no tax obligations. Therefore, it affects those who think that the declaration is unnecessary.

“In normal years, this lack of filing is often a minor issue. Even if the filing is up to date, many people are losing money from HMRC.”

Churchill concludes: “For fairness, this reflects data from April 6, 2019 to April 5, 2020, and addresses some of the largest groups excluded from current and previous support measures. The system needs to be updated. “



Thousands of UK companies excluded from the Prime Minister’s rescue package

https://bmmagazine.co.uk/in-business/thousands-of-uk-businesses-excluded-from-chancellors-rescue-package/ Thousands of UK companies excluded from the Prime Minister’s rescue package

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