Category Archives: Uncategorised

Planning for the new normal

This has and will continue to be one of the most extraordinary events to impact on our business and personal lives, things will never be the same again. So much focus has been on handling the situation day by day that it seems as if the days and weeks have run into one – before we […]

COVID-19: Support for businesses paying tax

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. If you are concerned about being able to pay your […]

COVID-19: Three-month mortgage payment holidays are available for those who are struggling

On Tuesday 17 March, banks agreed with the Chancellor that they will offer ‘forbearance’ (tolerance and help) on mortgages. This means they all should offer those struggling a three-month ‘holiday’, allowing customers a temporary break from having to make mortgage payments during this time. While we await final confirmation of the details it should be […]

COVID-19: Insurance

Businesses that have cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres etc is sufficient to make a claim. Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy […]

COVID-19: Support for businesses through the Coronavirus Business Interruption Loan Scheme

A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch next week to support businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to […]

COVID-19: Support for businesses who are paying sick pay to employees

We will bring forward legislation to allow small- and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows: • this refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19• employers with […]

Spring Budget 11 March 2020

In the face of Brexit uncertainties and the recent Coronavirus outbreak the new Chancellor, Rishi Sunak, was faced with falling economic indicators, the need to boost NHS services and was consequently limited in his options to spend on plans to improve business confidence and fund infrastructure projects. Interestingly, there were a number of measures that […]

Loans to directors and staff

If a company makes loans to its employees (including directors) there may be tax consequences. The same may also apply to loans extended to their family members. For example, the employer will have an obligation to report a beneficial loan to HMRC (and pay Class 1A NIC) and the deemed benefit would be a taxable […]