Welcome to our round up of the latest business and Covid-19 news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you!
Managing your Business’s Risk of Cyber Attack
The National Cyber Security Centre (NCSC) early warning system helps organisations investigate cyber-attacks on their network by notifying them of malicious activity that has been detected in information feeds. This is a free NCSC service designed to inform your organisation of potential cyber-attacks on your network, as soon as possible. The service uses a variety of information feeds from the NCSC, trusted public, commercial and closed sources, which includes several privileged feeds which are not available elsewhere.
The system filters millions of events that the NCSC receives every day and, using the IP and domain names you provide, correlates those which are relevant to your organisation into daily notifications for your nominated contacts via an early warning portal.
Organisations will receive the following high level types of alerts:
- Incident Notifications – This is activity that suggests an active compromise of your system.
For example: A host on your network has most likely been infected with a strain of malware.
- Network Abuse Events – This may be indicators that your assets have been associated with malicious or undesirable activity.
For example: A client on your network has been detected scanning the internet.
- Vulnerability and Open Port Alerts – These are indications of vulnerable services running on your network, or potentially undesired applications are exposed to the internet.
For example: You have a vulnerable application, or you have an exposed Elasticsearch service.
Early Warning does not conduct any active scanning of your networks itself, however some of the feeds may use scan derived data, for example from commercial feeds and is available for all UK organisations who hold a static IP address or domain name.
The Impacts of EU Exit and Coronavirus (COVID-19) on UK Trade in Services: July 2021
The Office for National Statistics (ONS) have produced a report recently showing a noticeable change in UK trade, much of which is likely to be due to the fall in world trade and disruption to global supply chains as a result of the coronavirus pandemic and global recession. There may also be some impact from EU exit and related uncertainty, although it should be noted that these are only initial post-transition period estimates; it is too early for any conclusions to be reached about longer term trends or impacts.
We will need to wait for further analysis as the Pandemic unfolds. Key points highlighted are:
- UK service exports and imports have declined since Quarter 1 (January to March) 2019, with trade with EU countries falling more than trade with non-EU countries.
- The share of total service imports from EU countries fell by around 9 percentage points to 37.9% in the two years to Quarter 1 2021, while the share of total service exports fell by around 1.3 percentage points to 36.5% over the same period.
- The proportion of businesses citing coronavirus (COVID-19) as a challenge increased in mid-2021 compared to the beginning of 2021, while the proportion citing EU exit fell over the same period; this is also reflected in the results of the International Trade in Services Survey, which suggests coronavirus had a bigger impact on falling trade in services.
- Service types that are reliant on the movement of people, such as travel, transportation, manufacturing, maintenance and repair, and construction were impacted most by the coronavirus pandemic.
- Exports of legal, accounting and management services to non-EU countries increased in Quarter 1 2021 when compared with Quarter 1 2019, driven by trade with the United States, while exports to the EU fell over the same period.
- EU imports of financial services fell to 25.3% of world total financial services in Quarter 1 2021 compared with Quarter 1 2019, while the composition of exports remained stable.
Can You be a Climate Leader?
The UK Government has announced the first ‘One Step Greener’ Climate Ambassadors and launched a nationwide search for climate leaders
People from across the country will have the chance to showcase their stories at the major climate summit COP26 in Glasgow, as the search for everyday climate leaders gets underway.
In the lead up to COP26, the UK Government is calling on people from all walks of life to join the ‘One Step Greener’ movement on social media by sharing how they are doing their bit for the environment, championing climate leaders in their communities, and inspiring others to follow their lead. Whether big or small, one or many, green steps around the country can culminate in a large collective impact in helping make the UK a more sustainable and greener place.
Fostering Hydrogen Collaborations in South Korea
South Korea is leading the way in the global hydrogen market and with a free trade deal now in place, opportunities for UK SMEs to contribute technical expertise and gain market access are available.
South Korea’s hydrogen market is set to almost double in size from £9.1bn in 2020 to £17.3bn by 2030. Ulsan alone is projected to attract $4.8 billion in hydrogen investments by 2030, as it aims to become the largest Hydrogen Hub in Northeast Asia.
Innovate UK is bringing together UK SMEs and Korean hydrogen experts from across government, academia and business, to foster pioneering collaborative ventures in a series of events commencing Autumn 2021.
COVID-19 Government Support News
Below is our weekly roundup of changes to government support information generally and for businesses, employers and the self-employed.
Coronavirus Job Retention Scheme – Update
The Coronavirus Job Retention Scheme has been extended until 30 September 2021. From 1 August 2021, the government will pay 60% of wages up to a maximum cap of £1,875 for the hours the employee is on furlough.
Claims for furlough days in July 2021 must be made by 16 August 2021.
How to Report Grant Payments in Real Time Information
Tax Treatment of the Coronavirus Job Retention Grant
Payments you have received under the scheme are to offset the deductible revenue costs of your employees. You must include them as income when you calculate your taxable profits for Income Tax and Corporation Tax purposes.
Businesses can deduct employment costs as normal when calculating taxable profits for Income Tax and Corporation Tax purposes.
Individuals with employees that are not employed as part of a business (such as nannies or other domestic staff) are not taxable on grants received under the scheme. Domestic staff are subject to Income Tax and National Insurance contributions on their wages as normal.
Self-Employment Income Support Scheme Updat
The online service for the fifth grant is now available.
You can claim the fifth grant if you think that your business profit will be impacted by coronavirus (COVID-19) between 1 May 2021 and 30 September 2021. You will need to confirm that you meet other eligibility criteria when you make your claim. You should make your claim on or after the personal claim date HMRC has given you.
VAT Deferred due to Coronavirus
Businesses that deferred VAT payments due between 20 March 2020 and 30 June 2020 were able to either:
- pay in full by 31 March 2021
- join the online VAT deferral new payment scheme by 21 June 2021 to spread payments of deferred VAT over smaller, interest free instalments
- contact HMRC to make an arrangement to pay by 30 June 2021
Information about the VAT deferral penalty has been added. Businesses could be charged a 5% penalty or interest if they did not pay in full or make an arrangement to pay HMRC by 30 June 2021.
Any deferred VAT outstanding after 30 June 2021 will be treated as debt and may be subject to a penalty. If you are unable to pay and need more time, find out what to do if you cannot pay your tax bill on time. If you have made an arrangement to pay and need to discuss this with HMRC, call the Coronavirus (COVID-19) helpline.
Funding for Seafood Sector
Funding of £1.8 million will help Scottish seafood businesses recover from the severe economic impacts of Brexit and Covid-19 has been announced.
The funding, managed by trade marketing body Seafood Scotland, will support seafood businesses to access new markets within the UK and abroad, including campaigns in Asia, Europe, North America and the Middle East.
The work will also include developing a strategy to encourage sustainability and improve quality assurance and accreditation of seafood produce.
As major international trade events begin again, together with a number of virtual online events, these platforms will enable Seafood Scotland to engage with buyers to experience first-hand the broad range of seafood available.
In Scotland, ‘buy local, support local’ campaigns will also encourage growth in the domestic market, capitalising on rising demand for seafood provenance and quality.
Young Scots Work Promise
Young people looking to enter the workforce will benefit from £70 million of investment from the Scottish Government.
The Young Person’s Guarantee aims to protect people from the economic impact of COVID-19 by offering every 16-24 year old in Scotland the opportunity of a job, apprenticeship, further or higher education, training programme or volunteering.
The £70 million of investment includes:
- £45 million for local partnerships to provide training, employer recruitment incentives, and mental health interventions for young people
- £13.5 million for Colleges, Universities and the Scottish Funding Council to provide industry-focussed courses supporting up to 5,000 young people and employment support for 500 recent graduates
- £10 million for the roll-out of new school coordinators and enhanced school provision to support young people access education, work and training
- £1.5 million to increase places on volunteering and third sector programmes
Easing of Restrictions for Fully Vaccinated Travellers from the EU and US
Fully vaccinated people from the EU and US will be able to travel to Scotland without quarantining from 2 August. The need for travellers to self-isolate for 10 days upon arrival in Scotland is being waived subject to countries covered remaining on the amber travel list.
The easing also removes the need for a PCR test on day eight after arrival and is a major relaxation of travel restrictions that were imposed to protect wider public health in Scotland. All travellers will still be required to produce a negative test prior to departure and a negative PCR test on day two after arrival.