Whilst the Chancellor of the Exchequer, Rishi Sunak, is about to announce details of an employment and wage subsidy rescue plan to assist employers and employees to minimise the impact of COVID-19, many of those in self-employment are still unsure of the options available to them.
We live in unprecedented times. All businesses will be closely monitoring their cash position as well as their financial performance.
Where an individual or company makes a loss then depending on the nature of the loss there may be scope to claim to offset the loss against other income or gains of the same, an earlier or a future tax year or accounting period and generate a much-needed tax repayment from HMRC.
The coronavirus is posing unprecedented challenges to people from all walks of life so we are very concerned for our agricultural clients. However, we must remember that farming has survived many crises through the years and has continued to provide food and a wonderful rural environment.
The Chancellor’s action points to support the economy and in particular the leisure, hospitality and retail sectors was very welcome but practical issues are starting to emerge about how this assistance would actually work in practice.
Here are some of the limitations and practical issues that we have found thus far.
Any farmers who are currently involved in a stewardship agreement could benefit from taking part in the scheme when it is launched in 2024.
The headline announcement in the Prime Minister's statement last night was the closure of schools and nurseries, with effect from the end of this week. Taking children out of school will clearly have a huge impact on the workforce and, as such, businesses. We know this will be a concern for our clients.
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