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In what was an unprecedented announcement yesterday evening, the Prime Minister has put the entire country into effective lockdown to enforce the social distance measures previously advised to try and stem the spread of coronavirus. These tough new measures follow similar actions taken across other countries around the world.
On 20 March 2020 the Chancellor announced a job retention scheme for employers, including businesses and charities, so that 80% of salaries are covered via HMRC grants. The scheme will be backdated to take effect from 1 March 2020 for individual salaries of up to £2,500 per month.
The significant and sudden contraction of business activity in the economy is impacting businesses of all sizes and in all sectors. As we all adjust to what is hopefully just a short term crisis, what steps can you take to manage the tightening of cash flow. Here are our Top 10 Tips:
The speed and extent of the restrictions imposed by Government to combat Covid-19 has thrown into the spotlight the difficulties likely to be faced by businesses, families and individuals in rented accommodation.
People who have self-isolated or are voluntarily working from home should expect to be targeted by criminals who are exploiting the coronavirus pandemic on an industrial scale.
The reporting of the disposal of residential property sales by UK resident individual or trustees will change with effect from 6 April 2020 and will also affect the timing of capital gains tax paid on these sales.
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.
Compared to the last few days, there were fewer announcements in the Prime Minister’s update last night. The speech was more focused on reassurance than unveiling any specific new measures.
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.
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Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales, details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C001091748, and details of all audit regulations can be accessed at www.icaew.com/regulations. A list of members can be found under Legal Notices. Thomas Westcott has offices in Axminster, Barnstaple, Bideford, Bridgwater, Burnham on Sea, Crediton, Exeter, Holsworthy, Honiton, Ilfracombe, Okehampton, Plymouth, Seaton, Somerton, Tiverton, Torquay and Weston super Mare.
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