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What you need to know about the tax allowance 2021/22
Derin Clark

Derin Clark

Online Reporter
Published: 01/04/2021

During April many tax allowances and thresholds will increase, which could see consumers gaining more in their monthly wages, but also may result in having to pay higher taxes.

To help consumers and businesses understand the key changes that are due to come into effect this month, we’ve highlighted the main tax changes.

For those who want to know all the tax allowances and thresholds for the 2021/22 tax year, including all business taxes, sign up for our free taxfacts guide.

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CBILS ends – what is the new Government loans scheme for businesses?

The Coronavirus Business Interruption Loans Scheme (CBILS) has now closed to applications. The Chancellor announced a new Recovery Loan Scheme will take its place.

This new business lending scheme is available to all sizes of businesses and will include  business loans, business overdrafts, asset finance and invoice finance.

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Why Invoice Finance is more than 'just' funding

By Evette Orams, Managing Director at Hilton-Baird Financial Solutions

With the concept of factoring dating back around 5,000 years to the days of King Hammurabi of Mesopotamia, it is fair to say that Invoice Finance is a proven and established funding tool. This type of funding has been widely used in the UK since the 1970s and has been embraced globally over the years due to its unique ability to satisfy a key business need – cash flow.

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What can businesses take from Budget 2021?

In the Budget 2021, the Chancellor made a number of announcements to help businesses survive the challenging months ahead and to prepare the UK economy as it starts to unlock during the Summer.


The Chancellor stated that he would continue to do “whatever it takes” to support jobs and businesses. The Government has spent £280bn so far on Coronavirus support schemes but the damage to the UK economy remains acute. Since March 700,000 jobs have been lost and the economy has shrunk by 10% the largest fall in 300 years.


The recovery though is now expected to be faster than previous estimates in November 2020 and according to the Office for Budget Responsibility the economy should return to pre Covid-19 levels by the middle of next year, six months earlier than previous forecasts.


The Chancellor stated his first priority was to continue funding to support jobs and businesses, but he also needed to set out how public finances would be fixed and the start of building the UK’s future economy.

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Budget 2021 – what next for the Coronavirus Business Interruption Loans Scheme?

The Budget is due later today and the Chancellor will announce the extension of the furlough scheme beyond the current April 2021 deadline to the end of September 2021. He is also expected to continue the business rates holiday for those in the hospitality, retail and leisure sectors and there is speculation of an announcement of a new government backed loans scheme for businesses.


The Chancellor, who is due to start the Budget at 12.30 in the Houses of Parliament today, may give an update on an extended or replacement for The Coronavirus Business Interruption Loans Scheme (CBILS). This was launched in March 2020 to boost lending to businesses and help them survive trading restrictions due to the pandemic. It has already been extended for applications to the end of March 2021. The current scheme provides lenders with a government guarantee to cover the defaults up to 80% of the loan value and The Times reports that any new government business loan scheme is likely to be similar but with ‘less generous terms for lenders.’ The Times article also states that the new scheme should have been announced by the Treasury at the end of January, so lenders had sufficient time to prepare for launch in April 2021, after CBILS currently ends. The article suggests the delays are due to discussions about the need for personal guarantees (current rules restrict these to loans more than £250,000) and the interest rates to be charged. The current lending schemes include a broad range of lenders from high street banks to alternative lenders and any new scheme is likely to need a mix of lenders to meet the demand from businesses.

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How invoice finance could help your business in 2021

5th February 2021

2021 is set to be another difficult year for businesses as the Coronavirus pandemic causes disruption to trade and cashflows. Previously successful and growing businesses are facing the prospect of losing clients or clients experiencing financial difficulties.

2021 is set to be another difficult year for businesses as the Coronavirus pandemic causes disruption to trade and cashflows. Previously successful and growing businesses are facing the prospect of losing clients or clients experiencing financial difficulties.

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Back-to-back auction purchase completed in one week

5th February 2021

The Coronavirus pandemic has slowed mortgage completions with some now taking months to reach a conclusion. Property developers, small and large, that need to complete deals quickly can use bridging and secured loans instead, to make sure they do not miss out on securing their next project.

The Coronavirus pandemic has slowed mortgage completions with some now taking months to reach a conclusion. Property developers, small and large, that need to complete deals quickly can use bridging and secured loans instead, to make sure they do not miss out on securing their next project.

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Cashplus granted full UK banking licence

4th February 2021

Advanced Payment Solutions Limited, trading as Cashplus, which offers a range of business and personal banking products, has been granted a full UK banking licence

Advanced Payment Solutions Limited, trading as Cashplus, which offers a range of business and personal banking products, has been granted a full UK banking licence

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Predictions for business lending in 2021

12th January 2021

The expectation is a difficult 12-months ahead for many businesses. The withdrawal of Government grants, the start of repaying Government backed loans and difficulties accessing traditional finance such as overdrafts and loans will leave many businesses struggling. Find out more about business lending in 2021.

The expectation is a difficult 12-months ahead for many businesses. The withdrawal of Government grants, the start of repaying Government backed loans and difficulties accessing traditional finance such as overdrafts and loans will leave many businesses struggling. Find out more about business lending in 2021.

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Most Popular Business News

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CBILS ends – what is the new Government loans scheme for businesses?

31st March 2021

The Coronavirus Business Interruption Loans Scheme (CBILS) has now closed to applications. The Chancellor announced a new Recovery Loan Scheme will take its place.

The Coronavirus Business Interruption Loans Scheme (CBILS) has now closed to applications. The Chancellor announced a new Recovery Loan Scheme will take its place.

Read More
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What you need to know about the tax allowance 2021/22

1st April 2021

During April many tax allowances and thresholds will increase, which could see consumers gaining more in their monthly wages, but also may result in having to pay higher taxes

During April many tax allowances and thresholds will increase, which could see consumers gaining more in their monthly wages, but also may result in having to pay higher taxes

Read More
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Why Invoice Finance is more than 'just' funding

31st March 2021

With the concept of factoring dating back to 1722, in the days of King Hammurabi of Mesopotamia, it is fair to say that Invoice Finance is a proven and established funding tool. This article has written by Hilton-Baird Financial Solutions.

With the concept of factoring dating back to 1722, in the days of King Hammurabi of Mesopotamia, it is fair to say that Invoice Finance is a proven and established funding tool. This article has written by Hilton-Baird Financial Solutions.

Read More
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Budget 2021 – what next for the Coronavirus Business Interruption Loans Scheme?

3rd March 2021

The Chancellor is expected to announce a new government backed loans scheme for businesses, But how has the current scheme CBILS performed and what options might businesses consider?

The Chancellor is expected to announce a new government backed loans scheme for businesses, But how has the current scheme CBILS performed and what options might businesses consider?

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