Mint Formations’ founder Andy Tree has been referenced in a report by the House of Commons Treasury Select Committee highlighting the economic impact of COVID-19 and, in particular, failings to support certain members of the business community during the crisis.

At Mint Formations, we pride ourselves on being champions of small business owners across the country. Our goal is to help you achieve your dreams. This isn’t just a business objective, but a passion shared amongst our team.

We heard about an injustice in the furlough scheme, which accidentally penalised hard-working business owners for using legitimately and actively encouraged tax payment programs. So our co-founder Andy Tree penned an open letter to Chancellor of the Exchequer, Rishi Sunak, voicing our collective concerns.

If you’re interested in learning more about this, you can read our discussion on the topic: Mint Formations Calls on Government to Secure the Future of Small Businesses.

Latest Developments

As a result of our intervention, and the intervention of many other concerned business owners and individuals across the UK, the government released the Economic impact of coronavirus: Gaps in support, a report published on 15 June 2020 under the House of Commons Treasury Committee.

Chaired by MP Mel Stride, the report forms the basis of an inquiry into missed opportunities to support vital members of the British economy. Through the evidence outlined and discussed in this report, the government aims to “ensure over a million people who have fallen through the gaps in support schemes are not forgotten.”

This information is all very promising and demonstrates the government’s willingness to listen to our community. The specific problem highlighted by Mint Formation’s Andy Tree was that of the tax deadline for annual payroll. Despite having weeks to file their submissions in April, those business owners that had not sent their tax returns by the furlough introduction date of 19 March were unable to secure essential support. This direct issue is mentioned in detail in the report:

“Many companies run their annual payroll in the last month of the tax year, the last week in March. Were annual submissions permissible with CJRS, the companies who make their submissions in the last week of March would be excluded because of HMRC’s 19 March deadline. In combination, the requirements of monthly submissions, and the submission to take place on or before 19 March, are not compatible with many companies’ business practices.”

The efforts of the Mint Formations team mean that business owners who’ve been impacted by this issue will likely see much-needed support following policy changes as a result of the subsequent inquiry. This is a situation we’ll be following very closely, with updates coming as soon as we have them.

 

In the meantime, if you’re worried about the impact of COVID-19 on your business, or have concerns about furlough payments, contact the Mint Formations team today and we’ll look at ways we can help you.

 

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Raj co-founded Mint Formations with business partner Andy Tree in 2017. Mint formations is established to nurture small UK businesses and enable exciting new opportunities for quick growth. As a successful entrepreneur, Raj knows how to start and run a business. He currently resides as a board member of seven successful companies across the world. He is best known for founding Integra Global Solutions, specialists in robotics, automation, and business process optimisation.

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