Could VAT and NI Cuts Boost Economy?

Chancellor Rishi Sunak is reportedly drawing up plans for temporary tax cuts and other measures to help boost the British economy as it emerges from lockdown next month.

Facing a steep recession triggered by the coronavirus outbreak, which could involve high numbers of job losses and business failures, the Chancellor is searching for ways to bolster the economy and boost spending.

It is thought that the Chancellor is considering a range of options, including a VAT cut, a reduction in employers’ National Insurance Contributions and business rates reform.

Not too late to sell online during lockdown

Businesses selling food, drink and physical products aren’t too late to get online and take advantage of a boom in eCommerce.

Some of these companies have been the worst affected by lockdown and many have pivoted towards online sales during the coronavirus pandemic. Reopening is now on the horizon for many businesses, but online sales could provide vital income support for companies that think they may struggle over the coming months.

New Shopify App to Boost Small Online Sellers

A new consumer shopping app from Shopify could provide a post-coronavirus boost for small-and-medium-sized online sellers in the UK.

Although Shopify isn’t a well known consumer brand, many people will regularly use their technology without realising. This is because Shopify make the technology for anyone to set up and sell their products online.

Self-employment grant scheme extended for three months

Chancellor Rishi Sunak has confirmed that the Self-Employed Income Support Scheme will provide an additional three months of support for eligible applicants.

Workers that qualify for an income support grant will be able to claim for up to £6,570 to cover the three months from June. However, this final payment may not be as much as self-employed workers received in the previous three-month period.