Banks lent twice as much to small and medium-sized businesses in the first three quarters of 2020 as in the whole of 2019. Gross lending to SMEs reached £54 billion between January and September, UK Finance, the trade body, said.
More than 1.5 million businesses have drawn on government-backed loans as nationwide coronavirus restrictions forced large parts of the service economy to a standstill.
Close to 1.4 million have drawn on the chancellor’s Bounce Back scheme, which offers 100 per cent state-backed loans. The Coronavirus Business Interruption Loan Scheme, which offers 80 per cent state-backed loans, has supported over 77,900 small and medium-sized businesses, while 658 larger businesses have benefited from the Coronavirus Large Business Interruption Loan Scheme.
Those loans total £68 billion, with small and medium-sized businesses making up a large proportion of the total. “SME financing was particularly in demand in the service industries, which were among the
Ahead of the Self Assessment tax return deadline on 31st January, experts answer some of the most searched for questions on the topic.
With 110,0001 searches for ‘Self Assessment’ in the UK every month, specialists from Chartered Accountancy practice, Sheards Accountancy has compiled a list of eight of the most common Self Assessment related queries and answered them for those preparing their tax returns for the end of January.
How to pay Self Assessment tax? – 1,000 monthly searches
The deadlines for paying your tax bill are usually 31st January for any tax you owe for the previous tax year and your first payment on account and then 31 July for your second payment on account. Payments need to be made to HM Revenue and Customs (HMRC) by the deadline. If you fail to pay on time, you’ll be charged interest and may have to pay a penalty.