7 August 2020

Latest Guidance

COVID-19

Many businesses are currently experiencing widespread disruption and uncertainty as a result of COVID-19. Our advisors are busy keeping up to date with all the detail and practicalities on emergency measures as they are announced by Government.

Please click the images below for information and insight into how to deal with the economic impact of COVID-19.


UK Government Job Retention Bonus Scheme

Read more details here.


Supporting the Test and Protect programme - what should businesses do?
In this article we provide practical information for businesses.

Scottish Government announces further funding for tourism
The tourism sector has been one of the hardest hit by the COVID-19 pandemic. To help stimulate its recovery, two new support packages worth £15 million have been announced. We discuss these here.


Summer Statement 2020

The statement focused on jobs, housing and the leisure and hospitality sector. To give more detail on the measures announced and how they may affect your business situation, we’ve created this guide.


Job Retention Scheme Update July 2020

This document will outline the key changes from July and provide you with some links to more detailed guidance where you should be able to find the answer to some questions you may have.


The future of farming, during and post-COVID
Morag Watson discusses the future of farming during and post COVID-19 with a particular focus on the impact on land prices here.


Eat Out to Help Out Scheme

In a bid to get the economy moving, The Eat Out to Help Out Scheme was announced. The voucher scheme entitles diners to 50% off food or non-alcoholic drinks at UK restaurants on Monday – Wednesday during August. We share the details for the hospitality sector here.


Plan for Jobs to kick-start the economy
To help mitigate the impact of COVID-19 and kick-start the economy, the Chancellor announced a Government plan for jobs. Here we summarise what’s known about the measures so far.


Government Aid Package for the Arts
The Department for Digital, Culture, Media and Sport (DCMS) announced that the beleaguered Arts sector will receive a £1.57 billion rescue package. While it seems like generous support, there are a number of questions around how it will work. Scott Craig discusses these here.


Hospitality and Leisure: VAT Rate Cut
In a boost to the tourism & hospitality sector, the Chancellor announced a 6 month VAT cut from 20% to 5% on food and accommodation. Scott Craig discusses the details here.


COVID-19: Accounting for rent concessions
The challenge of meeting property rental payments is a top concern of businesses and charities as a result of coronavirus. Many lessees are discussing a rent concession with landlords. Nick Bennett looks at how these should be accounted for here.
 


The Corporate Insolvency and Governance Act 2020 – protection for businesses in financial distress
Stewart MacDonald shares the impact of this new legislation on the business world here.

Tax Planning for High Net Worth Individuals
Read some tips here.

COVID-19 and anticipated company loss carry backs to claim cash tax
Here we discuss a potential alternative to changing company year end.


HMRC enquiries are likely to increase – are you prepared?
Read more here.


Business Interruption Insurance Claims
All is not lost…but challenges to overcome. Read more here.

Job Retention Scheme – Key Changes
Here we summarise the impending amendments to the scheme.


Changes to Restructuring Legislation – The Corporate Insolvency and Governance Bill

Major changes to the UK corporate rescue regime imminent. The changes are designed to help companies that require breathing space and a restructuring plan to survive. Read more here.


Charities could benefit from tax reform as cash reserves fall
Scott Craig, National Head of VAT and a specialist in charity taxation, discusses the current tax system in greater detail and suggests some reforms which may help the sector here.


How will the Coronavirus Support Packages affect your SME R&D Tax Claim?
Here we look at the impact funding could have on your R&D tax relief or tax credit claims – past, present and future.


COVID-19 and the Art World
Scott Craig discusses the impact the pandemic has had on the Art market worldwide here.


Details of Changes to the Coronavirus Job Retention Scheme

Here we summarise the key points and provide clarification on the key aspects.


Further Financial Assistance Available for Employers
The Financial Assistance Scheme for Employers unable to pay statutory redundancy payment. View more information here.


Government provides clarification on Job Retention Scheme until 31 October 2020
At the end of last week, the Chancellor announced changes to the Job Retention Scheme. We’ve summarised the key points here.


Stock market turmoil, Property sales and Inheritance Tax. Can you claim back IHT?
The COVID-19 pandemic has had a major impact on global stock markets, with the value of shares and unit trusts falling significantly. Morag Watson discusses the opportunity of claiming back or reducing Inheritance Tax (IHT).


Scottish Government increases funding support
It was announced on 26 May that further measures are being taken by the Scottish Government to support businesses adversely affected by coronavirus.


Claiming back employees’ coronavirus-related Statutory Sick Pay (SSP)
The scheme was originally launched in April and the portal opened for applications on Tuesday, 26 May.


Support for start-up/early-stage businesses
We look at the details of this package.


Coronavirus Job Retention Scheme extended until October
View more details here.

New loan fund for SME housebuilders announced by Scottish Government for loans up to £1million
View further details here.


HMRC Self-Employed Income Support Scheme – how to claim
Morag Watson, Tax Partner, discusses eligibility and next steps.


Funding Circle added to list of accredited CBILS lenders
View the key features of and criteria for CBILS through Funding Circle.


Good governance guidance for public sector organisations during COVID-19
Good governance is more important than ever, but this involves adapting to best fit the circumstances (internal, local and national).

UK Government announces 100% state-backed loans for small and medium sized businesses
View further details, including eligibility criteria.


Distressed SMEs and newly self-employed given lifeline by Scottish Government
View further details of how the £100 million support package will be broken down.


Furloughing and the Job Retention Scheme
Grant Saunders, Head of Payroll, discusses how we can help and offers guidance.


Further update: Job Retention Scheme
The Chancellor has made a Treasury Direction under Section 71 and 76 of the Coronavirus Act 2020.


Further financial support announced by the Scottish Government
Around £220 million of additional grants are being made available.


Company Car Benefit in Kind during Coronavirus
With many company car drivers now working from home or being furloughed, what happens to their company car benefit?


Further update: Coronavirus Job Retention Scheme
Further to our insight issued on 30 March 2020 on the introduction to the Job Retention Scheme (JRS), HMRC has now published additional guidance

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Supporting you and your business
A practical guide to help you navigate through some of the latest Government emergency measures.


Coronavirus Job Retention Scheme
We look at the details of the Scheme and how it will operate.


The Self-Employed and Coronavirus

We explore the Self-Employed Income Support Scheme.


Accessing Coronavirus Business Interruption Loans
As details develop we are sharing what we know, so far, to assist you in accessing the Coronavirus Business Interruption Loan Scheme (‘CBILS’).


Government Grants Process in Scotland
The Scottish Government has published details as to how some businesses can apply for help with non-domestic rates.


Deferment of VAT payments
Scott Craig, Partner, discusses support for businesses through deferring VAT and Income Tax payments.


How to manage your tax payments
We look at two facilities HMRC already has in place which could help you to manage your tax payments.

We will continue to monitor events and announcements as they occur and should you have any concerns on how your business may be affected, please get in touch.

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The information in this update should not be regarded as financial advice. This is based on our understanding on 7 August 2020. Laws and tax rules may change in the future.