The British Business Bank (BBB) was supporting £12.2 billion of lending to over 96,000 businesses at the end of March 2022, according to its annual report.

As part of its role in reducing regional imbalances the BBB was deploying £900 million of finance and supporting almost 83,000 businesses outside London at the end of March 2022.

In addition, its Regional Angels programme made six new commitments totalling £45 million, to help reduce regional imbalances in access to seed and early-stage equity finance for smaller businesses across the UK.

And its Start Up Loans programme was allocated a further three years of funding, which will deliver around 11,000 loans.

Catherine Lewis La Torre, CEO, British Business Bank, said:

‘We have increased our impact and market reach to smaller businesses across the UK’s regions and nations and designed innovative programmes while at the same time generating an attractive return on capital employed.

Despite this success over the last financial year, we are aware that areas of economic and geopolitical uncertainty remain. The serious headwinds that the economy is encountering make a national economic development bank an invaluable strategic asset, and we are ready and prepared to play whatever role is required to support UK smaller businesses.’

Internet link: British Business Bank website

Action Fraud has warned that criminals are using the ongoing cost-of-living crisis to target the public with energy rebate scams.

Action Fraud revealed that more than 1,500 reports have been filed with the National Fraud Intelligence Bureau (NFIB) regarding scam emails purporting to be from energy regulator Ofgem, offering customers energy rebates.

In order to protect themselves from scams, Action Fraud has advised individuals to contact an organisation directly if they have doubts about an email; refrain from using numbers or addresses in the message and instead use the details on the company’s official website; and forward suspicious communications to report@phishing.gov.uk.

A spokesperson for Ofgem said:

‘Protecting consumers is our top priority and it is alarming that vulnerable customers are being preyed upon in this way when people are already struggling so much.

‘That’s why, as energy regulator, on top of issuing our own warnings and advice, we have asked all energy suppliers to ensure clear and up to date information on scams is easily accessible on their websites.’

HMRC is reminding businesses that they will no longer be able to use their existing Value Added Tax (VAT) online account to submit VAT returns from 1 November.

By law, all VAT-registered businesses must now sign up to Making Tax Digital (MTD) and use compatible software to keep their VAT records and file their returns.

According to HMRC, more than 1.8 million businesses are already using the MTD for VAT service. Over 19 million returns have been successfully submitted through MTD-compatible software so far, the tax authority adds.

From November, businesses who file their VAT returns on a quarterly and monthly basis will no longer be able to submit them using their existing VAT online account, unless HMRC has agreed they are exempt from MTD.

If businesses do not file their VAT returns through MTD-compatible software, they may have to pay a penalty. Even if a business currently keeps digital records, they must check their software is MTD compatible and sign up for MTD before filing their next return.

Richard Fuller, Economic Secretary to the Treasury, said:

‘MTD can help businesses get their tax right first time, which cuts the administration burden and frees up time for them to get on with what matters most to them – growing their business.’

Eight in ten small businesses are finding it difficult to recruit staff, according to a report published by the Federation of Small Businesses (FSB).

The FSB’s ‘Scaling up Skills’ report found that over 80% of small firms are flagging a lack of relevant qualifications, skills and experience among candidates as a problem, while 60% say a lack of applicants is also an issue.

More positively, five in six small employers provided training for themselves and/or their staff in the previous 12 months, with seven days of training and development per staff member on average.

Though critical to future sustainable growth, only a quarter of small employers say they have undertaken leadership and management training over the same period.

FSB Policy Chair, Tina McKenzie, said:

‘Our members tell us their growth potential is being held back by a lack of appropriately skilled staff, with vital roles going unfilled, ultimately harming the economy.

‘This skills and training deficit is a perennial issue, but far from an insoluble one. Our report sets out a roadmap for change on every level, from schools to apprenticeships to workplaces.’

HMRC will raise interest rates on tax debt from 11 October following the 0.5% increase in the base rate.

This means that the late payment interest rate will increase to 4.75% from 11 October 2022. The rate last increased to 4.25% on 23 August. This is the highest rate since the height of the financial crisis in January 2009.

Late payment interest is payable on late tax bills covering income tax, national insurance contributions (NICs), capital gains tax (CGT), Stamp Duty Land Tax (SDLT) and stamp duty reserve tax (SDRT). The corporation tax self assessment rate also increases to 4.75%.

The repayment interest rate will also be increased from the current 0.75% repayment interest rate to 1.25%.

Corporation tax self assessment interest rates relating to interest charged on underpaid quarterly instalment payments rise to 3.25%, up from 2.75% from 3 October 2022 (with the higher rate above applying from the normal due date).

The interest paid on overpaid quarterly instalment payments and on early payments of corporation tax not due by instalments rises to 2% from 1.5% from 3 October 2022.