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Are You Having Problems Repaying Your Bounce Back Loan?

Bounce Back Loans were a key plank in the government’s strategy for supporting SMEs through the Covid lockdown. Payment was deferred for a year, which for many seemed too far ahead to worry about — but we’re now into the second repayment month. So how is it going? What Were the Bounce Back Loans? So much has happened since last spring, when the scheme began, that even if you have a loan your memory of its
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Landlords — Avoid a £30,000 Fine by Keeping Up Electrical Safety Tests

If you’re a responsible landlord, you may well already carry out EICR (electrical installation condition report) checks regularly on all your properties. From 1st April, however, this will be a legal requirement, with fines up to £30,000 for failure to comply. What Is the EICR? An EICR is the document that an electrician issues after carrying out an inspection on the electrical equipment in a property. Dependin
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Supreme Court Ruling Offers a Lifeline to Small Businesses

Are you one of the many SME owners who have been forced to close your business, wholly or partially, during the Covid-19 lockdown? If you have Business Interruption insurance that covered closure due to disease, you may have been one of the policyholders refused payment by your insurer. However, there’s good news. A ruling by the Supreme Court on the 15th January has established that in most cases closures due
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Are You a Company Director? Do You Know Your Responsibilities

You don’t have to be a major organisation to form a limited company. Statistically, most companies have only a handful of employees, or are even solo enterprises. However, if you’re running a limited company, you’ll have the status of company director, and as such you’ll have various responsibilities. Unfortunately, not all company directors are aware of what these are. How much do you know? W
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What’s the Process for Liquidation of a Company?

It’s a sad reality that in the coming months, as government support schemes for businesses wind down, we are likely to see a high number of companies going into liquidation. On occasion, this can be a planned, natural end to a business, but most often it’s forced on the directors by economic reality. So what exactly does liquidation involve? Solvent Liquidation There are sometimes reasons for winding up a
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LEGAL REQUIREMENTS FOR COMPANY LETTERHEADS AND EMAIL FOOTERS

Did you know that your business email footer must contain specific pieces of information by law? The Companies Act (UK letterhead legal requirements) states that all business must display the following business details on their letterheads. The name of their business The part of the country that the business is registered The registered company number The address of the registered office Furthermore – if you’re a par
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New Legislation for Rentals — What You Need to Know as a Landlord

If you’re a landlord, you’ll know how fast the rules have been changing recently. It’s not over — several new laws and regulations have either been passed recently or are being considered. So what do you need to know? The Tenants Fees Act 2019 This received the Royal Assent in February, and its provisions will be applied from the beginning of June. Under the Act, landlords will only be permitted to ask for certain pa
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Keep Safe from Cyber-Crime

Early this month, BA issued an apologetic warning that their booking website had been hacked. Describing the incident as a “sophisticated, malicious criminal attack”, they admitted that customers’ credit card details had been stolen — including the CVV codes, suggesting an interception rather than harvesting data. BA is just the latest in a long list of major organisations that have suffered recent
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You Might Be Surprised Who the Biggest Tax Dodgers Are

Tax evasion and avoidance are big news these days, and most of us associate them with the multinational corporations and super-rich celebrities we read about in the news. But HMRC recently revealed who the biggest culprits are — SMEs. SME Tax Evasion HMRC estimates that they’re owed a total of £5.2bn in evaded tax payments, and of course those are only the debts they know about. Tax evasion, unlike tax avoidance, is
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Prompt Payment Directory Has Harsh Words For New Regulation

  It seems like every week new data surfaces about the struggle U.K. small businesses endure when trying to get paid from their larger corporate customers. Small suppliers across the globe are struggling with cash flow as businesses turn to extending payment terms to extend their own capital. In the U.K., regulators have taken note of the issue and have gradually made efforts to ease the financial pain for SMEs.
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