Did your business take advantage of the support packages available in 2021?
If yes, you’re one of the thousands who saw 2021 as a year to bounce back and promote business growth.
The rollout of the vaccine allowed businesses to reopen, regroup and restart.
We look back at the past year and the impact it had on so many SMEs.
The government allowed businesses to defer self-assessment tax payments during the tax year 2020/21. Self-employed businesses with a tax bill of up to £30,000 due on January 31, 2021, could make the payment in instalments. Delaying full payment until January 31, 2022.
We continued to support businesses with split payment funding. As an alternative finance provider, our clients request to spread payments. Between three and 12 months not only for personal tax but also VAT, corporation tax and other financial arrangements.
Rishi Sunak announced a £65 billion support package for businesses in the 2021 Budget.
A new Recovery Loan Scheme aimed at firms that had closed during the pandemic launched. As with previous loan schemes the Government provided an 80% guarantee for the loans with interest rates capped at 14.99%.
The government announced that companies could take capital allowance reliefs. Including a super tax deduction on certain capital assets. The incentive is running until 31st March 2023 and is part of Rishi Sunak’s plan to boost the economy.
We continued to support businesses with payment on account. Self-employed businesses who have a bi-annual tax payment, use payment on account to spread the cost of that year’s tax liability.
Sky Media chose us to take part in its SME100 initiative. It is a £2million support scheme for small businesses, giving us access to TV advertising through AdSmart. Watch our TV ad HERE
The government’s Bounce Back Loan Scheme (BBLS) and Coronavirus Business Interruption Loan Scheme (CBILS) schemes closed to new applications. We continued to offer the government’s Recovery Loan scheme.
Professional Indemnity Insurance (PII) premiums for law firms increased between 15% to 40%. As a result, we saw an increase in requests for instalment plans.
The latest figures showed unemployment rates were down. Investment began again, and many businesses started to see the first shoots of recovery.
The government’s latest Autumn budget focussed more on spending than tax cuts. The government said it would freeze the business rates multiplier for a further year. It also announced an extension of the temporary £1 million level of the Annual Investment Allowance to March 2023.
A research poll has found that UK SMEs are optimistic about business opportunities in 2022. Half of the 2,000 polled said they were confident that demand and revenues will increase in the next six to 12 months.
V4B BUSINESS FINANCE
For information on alternative finance for your business contact us for a FREE business consultation:
Call 01978 668939
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