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Chancellor announces support to millions of self-employed individuals

Rishi Sunak announces scheme to support the UK’s self-employed affected by the coronavirus outbreak – a direct cash grant of 80% of their profits, up to £2,500 per month

Bedford Borough Council: Support for local businesses

Local businesses can apply for a business support grant via the Bedford Borough Council’s (BBC) website if they meet the Government’s qualifying criteria.

The Government has announced a range of grant funding for certain businesses affected by the ongoing coronavirus pandemic.

BBC has set up an online form, enabling local businesses to apply for this money.

To qualify the business must occupy a business property that has a rateable value of less than £51,000 and either:

· Receive small business rate relief or rural rate relief; or

· Be a retail, hospitality or leisure business

COVID-19: Estate agents and lettings agencies to pay no business rates this coming financial year

Estate agents, lettings agencies and bingo halls that have closed as a result of Covid-19 measures to restrict the spread of the virus will be now be exempted from business rates in 2020-21.

This measure comes after the Chancellor announced in the Budget that, in response to Covid-19, the business rates retail discount would be increased to 100% next year and would be expanded to the hospitality and leisure sectors.

Companies can receive 3-month extension period to file accounts during COVID-19

Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.

This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus.

Online isolation notes launched – providing proof of coronavirus absence from work

People unable to work for more than seven days because of coronavirus (COVID-19) can obtain an isolation note through a new online service.

For the first seven days off work, employees can self-certify so they don’t need any evidence for their employer. After that, employers may ask for evidence of sickness absence.

Isolation notes provide employees with evidence that they have been advised to self-isolate due to coronavirus. Either because they have symptoms or they live with someone who has symptoms, and so cannot work.

As isolation notes can be obtained without contacting a doctor, this will reduce the pressure on GP surgeries and prevent people needing to leave their homes.

Cranfield University: The danger of consumers substituting product

A consumer “substitution” could create serious consequences for other supply chains that are critical to society and life, warns supply chain academic Professor Richard Wilding OBE.

During the panic buying of toilet paper and other tissue products. consumers may not be considering the consequences of using alternative products for the tasks they were not designed for.

Thames Water is already warning its customers not to use kitchen towel as a substitute for toilet paper.

If Kitchen towels, baby wipes or industrial papers are used as a replacement for toilet paper, sewage systems could become blocked. Which could result in chaos and increased health risks associated. Water companies may not have the infrastructure and equipment to unblock the sewer system.

Cranfield School of Management study: Brexit impact on supplier risk appetite

A new study by Cranfield School of Management, using Dun & Bradstreet data, investigates the risks and measures UK and EU businesses have taken regarding their supply bases since the Brexit referendum in 2016. The findings have been drawn from analysis of 1.3 million anonymous transactions.

Landlords need to be ready for changes to Capital Gains Tax for property sales

The deadlines for paying Capital Gains Tax after selling a residential property in the UK are changing from 6 April 2020. From this date UK residents selling a residential property in the UK will have 30 days to tell HMRC and pay any Capital Gains Tax owed.

Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value.

Those that don’t tell HMRC within 30 days of completion may be sent a penalty as well as having to pay interest on what they owe.

First Masterships students celebrate success in the classroom and in their careers

The UK’s first Executive MBA (eMBA) students to graduate on the Senior Leader Master’s Degree Apprenticeship standard are celebrating excellent results from Cranfield University.

Those taking the eMBA, delivered in partnership with Grant Thornton UK LLP, achieved a 100% pass rate. Also, 84% of students on the Senior Leader Master’s Degree Apprenticeship gained a distinction or merit.

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Business News and information

The latest business news and information from businesses in Cranfield and Marston Vale, Bedfordshire.