Retail news

Tax Rates and Allowances 2021/22

Tax Rates and Allowances 2021/22

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...

New Grant Funding Available for Charity Retailers

Charity retailers can now access up to an additional £9m in grant funding if certain criteria are met. This is due to the government lifting the allowance limits previously capped by an outdated EU ruling. The Charity Retail Association and Charity Tax Group had...

Budget 2021

Budget 2021

Budget 2021 The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech, he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'. Main Budget proposals Tax measures...

How has 2020 changed the retail sector?

Introduction 2020 has been one of, if not the, toughest year’s for retail. With many non-essential retail stores forced to close during periods of the year, this led to consumer spending changes with many consumers starting to shop online or more locally. In this...

Chancellor Announces New Grant for Businesses

The Chancellor has announced a new one-off top-up grant which will be available for businesses in the retail, hospitality, and leisure sectors. The grants will be worth up to £9,000 per property. This grant is available on top of business rates relief and the furlough...

How can Small Local Retailers have a Successful Christmas?

Perhaps unsurprisingly, recent figures have shown that retail footfall declined in November and was expected to fall by 62% over the six-week period leading up to 22 December.  This is clearly a very challenging period for the retail sector, especially for those small...

Has COVID-19 Changed our Spending Habits?

Introduction In this article, we are going to be discussing COVID-19 spending habits.   The use of cash is declining quicker The amount of cash being used was decreasing before the coronavirus lockdown and the coronavirus pandemic has only sped this up. Customers are...

Is the Retail Sector Slowly Starting to Recover?

The latest figures from the Office for National Statistics certainly suggest that the retail sector is slowly recovering since the coronavirus crisis. In July 2020 the volume of retail sales increased by 3.6% and is 3% higher than pre-pandemic levels in February 2020....

Are we heading towards a cashless society?

Are we heading towards a cashless society?

Has COVID-19 affected the use of cash? In the last few years, the use of cash has been declining as electronic payments have been on the rise, with many believing that cash would eventually become antiquated. In 2008 63% of all transactions were made in cash, in 2018...