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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Huge relief as furlough scheme is extended to October

12 May 2020

Chancellor of the exchequer Rishi Sunak has announced that the Job Retention Scheme will be extended by four months.

The announcement means that furloughed workers across the UK will continue to receive 80% of their current salary, up to £2,500 a month, until the end of October. By then, the scheme will have been in place for eight months.

The scheme will continue in exactly the same way until the end of July; however from August, businesses will be encouraged to bring furloughed staff back into the workplace on a part-time basis, with employers being asked to pay a percentage towards the salaries of their furloughed staff.

The employer payments will substitute the contribution the government is currently making, ensuring that staff continue to receive 80% of their salary, up to £2,500 a month.

Specific details of how the Job Retention Scheme will operate in this second phase won't be revealed until the end of May. Questions are already being asked about how much employers will be expected to contribute to the scheme and how different sectors will be affected. Even so, business groups have exressed their delight that the scheme is not coming to an abrupt halt anytime soon.

Chancellor Rishi Sunak said: "I've been clear that I want to avoid a cliff edge and get people back to work in a measured way. This extension and the changes we are making to the scheme will give flexibility to businesses while protecting the livelihoods of the British people and our future economic prospects."

Adam Marshall, director general of the British Chambers of Commerce (BCC), said the news would come as a "huge help and a huge relief" for UK businesses. "The changes planned will help businesses bring their people back to work through the introduction of a part-time furlough scheme," he said. "We will engage with the Treasury and HMRC on the detail to ensure that this gives companies the flexibility they need to reopen safely."

Mike Cherry, national chairman of the Federation of Small Businesses (FSB), said: "The Job Retention Scheme is a lifeline which has been hugely beneficial in helping small employers keep their staff in work and its extension is welcome. Small employers have told us that part-time furloughing will help them recover from this crisis and it is welcome that new flexibility is announced today."

Carolyn Fairbairn, CBI director-general, said that the extension of the furlough scheme would protect millions of jobs and she welcomed the flexibility allowing staff to return part-time from August. "It will prepare the ground for firms that are reawakening, while helping those who remain in hibernation. That's essential as the UK economy revives step-by-step, while supporting livelihoods."

The latest government statistics show that the job retention scheme has protected 7.5 million workers and almost one million businesses. Businesses have also benefitted from over £14 billion in loans and guarantees to support their cashflow during the crisis. This includes 268,000 Bounce Back Loans worth £8.3 billion, 36,000 loans worth over £6 billion through the Coronavirus Business Interruption Loan Scheme, and £359 million through the Coronavirus Large Business Interruption Loan Scheme.

Written by Rachel Miller.

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