Tax Matters

Update on the Coronavirus Job Retention Scheme 6 April 2020

The government guidance was updated on 6 April 2020 and this note reflects this updated guidance.

Preparing for making a grant claim under the Coronavirus Job Retention Scheme

The government updated its guidance on the Coronavirus Job Retention Scheme on 4 April and our guidance notes at reflect these updates.

Research and Development Tax Relief and Covid 19 implications

We have received a very useful update from HRMC R&D unit to address some queries that they have been receiving in the light of the wider current Covid 19 pandemic issues.

Working from Home

Many of us are discovering the joys of working at home, but what of the tax implications.

Further Business Support - Wrongful Trading & AGMs

Alok Sharma, the Business Secretary, announced new measures tonight to support struggling businesses to stay afloat during the coronavirus crisis. New rules will allow companies undergoing restructuring to continue to access supplies and raw materials. There will be a temporary suspension of wrongful trading provisions for company directors to remove the threat of personal liability which will apply retrospectively from 1 March.

Government Coronavirus Financial Help

For many years, a number of individuals, consultants and trades people alike have chosen to trade using a limited company structure. Often this decision was not only tax driven, amongst other factors, there are advantages of having the limited liability protection of a company, and a company can be perceived to be more professional and looks good to clients and customers.

Financial Support for the Self Employed

At 5 pm today the Chancellor of the Exchequer, Rishi Sunak, announced measures to support self-employed people during the Coronavirus outbreak. The scheme is similar to the Coronavirus Job Retention Scheme in that self-employed individuals will receive a taxable grant of 80% of their average monthly self-employed income based on the last three year’s tax return information.

Furlough Process

The UK Government’s recently announced Job Retention Scheme allows for employees to be “furloughed” for up to three months.

Coronavirus Business Interuption Loan Scheme

CBILS is a new scheme, announced by The Chancellor at Budget 2020, that can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

Coronavirus Update

The Chancellor of the Exchequer announced further initiatives to assist businesses to continue operating despite the Coronavirus outbreak.