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PAC finds over £1 billion worth of fraudulent Bounce Back loan applications November 11, 2020

The Public Accounts Committee (PAC) identified more than £1 billion worth of fraud in the government’s coronavirus (COVID-19) Bounce Back Loan Scheme (BBLS) during the first six months of the scheme being in operation. In a letter to the PAC, which has been looking at the operation of the BBLS, Catherine Lewis La Torre, CEO
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FCA proposes further support for consumer credit borrowers impacted by COVID-19 November 11, 2020

The Financial Conduct Authority (FCA) is proposing further support for borrowers affected by the coronavirus (COVID-19). The UK’s financial regulator announced tailored measures for borrowers in September and said it would keep them under review as the situation evolved. It made further proposals following the announcement of a second national lockdown for England. The FCA
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Chancellor extends furlough scheme to end of March November 11, 2020

Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of March 2021. The CJRS was supposed to have ended after being scaled back to cover 60% of salaries during October. However, on 31 October Prime Minister Boris Johnson announced a new national lockdown for England that runs from 5 November
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Support for self-employed increased as lending schemes extended November 11, 2020

The government has increased the support available to self-employed workers and extended its emergency business loan schemes as the UK heads for a second national lockdown. It has increased the third instalment of the Self-employment Income Support Scheme (SEISS) from 40% to 80% of average trading profits for November. The SEISS grants will also be
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ATT issues last call for firms seeking to use increased Annual Investment Allowance November 11, 2020

The Association of Taxation Technicians (ATT) has issued a last call for businesses looking to make use of the increased Annual Investment Allowance (AIA). The AIA will be reduced from £1 million to £200,000 from 1 January 2021. Businesses that incur significant expenditure on plant and machinery before the end of this year are likely
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