Monthly Archives: June 2021

Hot Business News Today

The UK-Australia trade deal and what it means for small business

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Originally written by Anna Jordan on Small Business
The Prime Minister recently announced a provisional trade deal (agreement in principle) between the UK and Australia.
It’s significant because it’s the first deal negotiated from scratch since leaving the EU.
There’s been a mixed reception to the news, with some excited about cheaper imports. However, others are questioning how effective it’ll be for the economy and what the damage will be for businesses in the agricultural sector.
We’ve outlined what the government have said about the agreement so far and how industry experts have responded.
Less red tape for SMEs
Under the plan, red tape and bureaucracy will be scrapped for more than 13,000 small businesses across the UK who already export goods to Australia. The agreement will deliver quicker export times and ensure small business have access to new intelligence that will better allow them to take on opportunities created by the deal.
National chair of the Federation of Small Businesses, Mike Cherry, said:
“A trade deal with Australia will come as great news for many of our members who have long been exporting there as well as those who are hoping to expand their trade ambitions.
“As we look beyond the pandemic and enjoy the benefits of post-Brexit

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Hot Business News Today

HMRC to go easy on small business strangled with Covid debt

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Originally written by Timothy Adler on Small Business
Small businesses struggling with Covid debt will not be forced to pay overdue tax to HMRC immediately, says business secretary Kwasi Kwarteng.
HMRC had manoeuvred itself to be first in line to be payed-out should a small business go bust post-Covid. Being pressured into payment by tax collectors can be an extremely unpleasant experience for owner-directors of small businesses.
But Mr Kwarteng has told the Institute of Directors and business group R3, which represents insolvency and restructuring practitioners, that HMRC will go easy on small businesses unable to pay tax because of Covid-19 debt.
>See also: Small business owners who duck out of repaying Covid debt face ban
The government wants to avoid a tsunami of insolvencies this summer.
The news will come as a relief to small business owners, who already have enough to worry about with a stop-start reopening post-lockdown just as Covid-19 financial support such as Bounce Back Loans start having to be repaid.
Insolvency practitioners have warned that many small businesses will struggle to stay afloat from July when emergency Covid-19 financial support measures begin to be wound down.
In a letter, obtained by the Financial Times, Mr Kwarteng wrote that HMRC would be updating its

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