The organisation is urging for the threshold to be changed.
Current Affairs
Firms get more time to repay bounce-back loans
Repayments can be spread over ten years, rather than six.
COVID-19 business lending passes £71bn
Around 1.4m firms have accessed BBLs since May 2020.
1.8 million taxpayers still to file self-assessment returns
Over 10.7 million people submitted their 2019/20 return by the deadline.
CBI calls for post-lockdown roadmap
The business group identified six elements to help firms prepare.
Extend furlough scheme to summer, warns BCC
Around four million UK workers were furloughed at the end of December.
Over 900,000 UK firms ‘at risk of failing by April’
Around 15% of businesses are at “great risk” of imminent closure
IFS: UK tax system ‘discourages employment’
Employees’ salaries currently attract more in tax than self-employed individuals.
Firms call for urgent action to reduce unemployment
Unemployment increased to 5% in the three months to November 2020.
HMRC waives penalties for late-filed tax returns
Fines to kick in after 28 February 2021.
Nine million people increased borrowing in 2020
The proportion of borrowing £1,000 or more increased to 45%.
Millions to face fines if self-assessment tax return deadline missed
Taxpayers could face fines totalling to £250 million.
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