Meg Saksida explains why a valuable measure for business owners was introduced and how it may affect you.
The pandemic has affected all walks of life, both with the obvious physical manifestations of the disease but also with the more insidious impact on the UK economy.
Helping business owners
The government has introduced several measures to assist individuals and businesses who have suffered economic hardship from the impact of the virus. Announced in March 2021, this extension of the carry-back of losses for unincorporated businesses and companies is one of these, and it is expected to cost the government over £1 billion in 2020/21 and 2021/22. This measure is hoped to ease the financial pressures on owners and help them keep their businesses afloat, ultimately helping the UK economy.