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The latest from Balance for Business

HMRC publishes VAT guidance in the event of no-deal Brexit

What will the deal be with VAT in the event of a no-deal Brexit? HMRC has released guidelines to make business owners aware of both immediate and long-term changes if no trade agreement is struck with the EU. As the Brexit countdown enters its final 200 days, HMRC has issued VAT guidance for business owners […]

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HMRC fraud investigation team collects £5bn in extra tax

HMRC’s Fraud Investigation Service (FIS) has collected £5.47bn in 2018, according to Pinsent Masons. The figure represents a 7% increase on last year and follows political pressure to increase the number of successful tax prosecutions in both the UK and abroad. In July of this year, HMRC published a consultation document, focusing on changes that […]

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UK Finance: Asset-based lending rises in UK

New figures from UK Finance reveal that lending against assets other than invoices during the second quarter amounted to £4.3bn, a 5.6% year-on-year increase. Invoice finance, where advances are made against debt, fell to £17bn, compared to £17.7bn a year earlier, with total advances to all client businesses supported by invoice finance and asset-based lending […]

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London’s construction academy gets bumper investment

London Mayor Sadiq Khan has launched the second round of the £82m Skills for Londoners capital fund, which forms part of a total pot of £114m made available by the London Economic Action Partnership (LEAP). Some £7.2m has been allocated to the Mayor’s construction academy, a network of high-quality construction skills providers.   Click here […]

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UK SMEs reaping benefits of Digital Market

The government has revealed that over £1.9bn has been spent with SMEs since 2012, the equivalent of £1.35 out of every spent £3 spent by the government. Thousands of SMEs are now signed up to provide their digital, data and technology services to government, and public bodies are utilising their expertise to drive the UK’s […]

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Spotcap lifts maximum loan cap

SME finance provider Spotcap has raised its maximum loan size by £50,000 to £350,000, following an increase in demand from brokers.   Click here for the full article Click here for related news

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P2P boss: SMEs ‘starved of funding’

In an opinion piece, Damon Walford, chief development officer at online peer-to-peer lending platform ThinCats, says SMEs have suffered over the past 10 years as traditional lenders have received mixed messages from government and regulators to be both less risky and also ensure small businesses are not starved of funding. He says this has led […]

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UK exporters divided on prospects

Lloyds Bank’s latest Business in Britain report has revealed that while a growing number of UK exporters (54%) expect their ability to compete in international markets to improve over the next year, more than 22% of respondents have not yet reviewed their trading plans since the Brexit referendum. If that proportion holds true across all […]

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Most SMEs haven’t planned for no-deal Brexit

Just 47% of UK SMEs have done any planning to counter potential supply-chain disruption in the event of a no-deal Brexit, according to a new survey conducted on behalf of Close Brothers Asset Finance. Fifty seven per cent of firms valued at £10m or more have planned for a worst-case scenario, while just 25% of […]

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Agri-food tech funding available

As part of the government’s Industrial Strategy Challenge Fund, delivered through Innovate UK, organisations can now apply for a share of up to £20m for projects to increase links between the agri-food sector with expertise in real-time robotics sensing, data, AI and earth observation. The wider transforming food production challenge is a £90m government investment […]

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