Business and individuals are facing unfamiliar challenges as the crisis unfolds. We believe that timely and targeted advice can make a difference, safeguarding your business and finances and building resilience in these uncertain times. Our COVID-19 analysis brings together up-to-the-moment information and insights to answer your key questions. We are also on hand for a more detailed conversation. Please do not hesitate to get in touch with any questions.
COVID–19 FAQs: support for individuals and businesses
There is a wide range of financial support available under the Government’s economic rescue package, but it can be difficult to identify the measures most relevant for your specific circumstances. These FAQs provide a simple overview of the most common financial issues arising for businesses and individuals affected by COVID-19.
COVID-19: changes to UK insolvency legislation
12/06/2020 - In the Corporate Insolvency and Governance Bill, the UK government has announced changes to insolvency law designed to protect businesses affected by Covid-19 generally and from action by landlords in response to what has been described as “aggressive rent collection”. Draft legislation has been published with a view to it being passed into law as soon as possible.
ALERT - Implications of the Coronavirus (COVID-19) for pension scheme audits
30/04/2020 - Pension schemes are being adversely impacted by COVID-19 although it can be challenging to identify what needs reporting in scheme accounts and what the effects will be on your scheme audit. We provide guidance for trustees including an interactive guide that will help you navigate through assessing your scheme’s going concern.
Additional Government loan package for companies affected by Covid-19
27/04/2020 - The Chancellor has announced a new support scheme for innovative businesses currently affected by COVID-19. It is aimed at businesses that are not eligible for existing rescue schemes, such as the Coronavirus Business Interruption Loan Scheme ‘CBILS’, and that have typically relied on equity investment
Tax: temporary deferral of all VAT payments
25/03/2020 - As part of a raft of measures aimed at mitigating the economic impact of COVID-19, the Chancellor has announced a temporary deferral of all VAT payments. The deferral applies to all VAT payments due from 20 March 2020 until 30 June 2020, which will not be due for payment until April 2021.
Tax: an opportunity for businesses to improve cashflow
19/03/2020 - As a result of the recent downturn in the markets and the ongoing Coronavirus pandemic, many of our clients are already feeling a significant financial impact. For many, their greatest concern is around cash flow management.
Financial reporting and audit considerations of COVID-19
20/03/2020 - As coronavirus continues to spread and more information comes to light about the nature of the virus and its impact, companies will need to consider how it affects their business and how this should be reported in the financial statements.
Can giving away assets during the crisis provide tax-saving opportunities?
31/03/2020 - There is no road map for private individuals to navigate the current crisis, which is proving to be an extremely testing time for everyone. However, there are some tax opportunities investors could consider to cushion the blow.
Tenants and landlords: Collaborative solutions in tough times
[Updated 15/05/2020] - This is a uniquely difficult time for many commercial tenants and landlords. The British Property Federation (BPF) alongside its landlord members are working with retail, leisure and hospitality tenant businesses in distress together with other tenants affected by an immediate loss of revenue following the lockdown.
COVID-19: Self-employed income support scheme
27/03/2020 - The Chancellor has announced an income support scheme to help the self-employed through the current financial crisis, designed to be on a par with support for employees. The self-employed can, however, continue trading throughout this period.
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