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Support required as MTD for VAT enters next phase

Support required as MTD for VAT enters next phase Support required as MTD for VAT enters next phase Author Categories Representatives of small businesses and the accountancy profession say a report on Making Tax Digital for VAT shows that HMRC should provide additional support and allow businesses extra time to get it right when the next phase of the programme is rolled out. Some have also criticised the small sample size and lack of data, and question whether the report vindicates HMRC’s claim that the benefits of MTD outweigh the costs. , prepared by consultancy Kantar Public, is qualitative research based on interviews with 31 small businesses who participated in the first phase of MTD introduction. It breaks them down into four groups ranging from those for whom costs outweigh benefits, to those where ‘clear and substantial’ benefits were recognised; but it doesn’t say how many businesses fit into each category.

Recovery Loan Scheme launches today

Recovery Loan Scheme launches today A new government-backed loan scheme launches today (6 April) to provide additional finance to those businesses that need it. From: loans will include 80% government guarantee and interest rate cap government has backed £75 billion of loans to date as part of unprecedented £350 billion wider support package The Recovery Loan Scheme will ensure businesses continue to benefit from Government-guaranteed finance throughout 2021. With non-essential retail and outdoor hospitality reopening next week, Ministers have ensured that appropriate support is still available to businesses to protect jobs. From today, businesses – ranging from coffee shops and restaurants, to hairdressers and gyms – and can access loans varying in size from £25,000, up to a maximum of £10 million. Invoice and asset finance is available from £1,000.

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