Remember Brexit? Comments from Charles Brook, Partner at Poppleton & Appleby. For most of the UK population, Brexit will seem like last year’s big deal in the swell and the wake created by COVID-19. Indeed, with all of the economic and social damage created by Coronavirus and the impact that will be experienced for potentially years to come, some may wonder why we should get all heated up again over Brexit which you might be forgiven for thinking cannot possibly make matters worse. This, however, would be wrong. If Britain doesn’t affect a structured Eurozone Trade Agreement before the end [...]
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What are accelerated payment notices and when are they used? If you find yourself on the receiving end of an accelerated payment notice (APN) from HMRC, it can seem daunting. First things first, do not panic. Below, we have put together some answers to frequently asked questions that may help. So, what is an APN (accelerated tax payment notice)? An accelerated payment notice (APN) is a notice that a taxpayer with an ongoing tax or National Insurance contributions (NICs) issue may receive from HMRC (typically following their involvement in a tax scheme). The demand requires the taxpayer to pay the [...]
This week we will be hosting our Connection:20 online webinar, Business resilience in a COVID world. As businesses continue to navigate through the challenges and changing environment imposed by COVID19, Sheards Accountants are hosting a series of Connection:20 events online, to share experiences and offer support. Our Partner, Charles Brook, will be hosting this week's session, which will be taking place on Wednesday 11th November from 12 pm-1 pm. The session will cover: Business confidence pre-COVID Can we rely on anything to help us plan? Directors obligations and financial risk management in a COVID World Preparing for a post-COVID way [...]
Coronavirus Job Retention Scheme extended to March 2021 The latest update from Rishi Sunak confirms the government has chosen to extend the furlough scheme until the end of March 2021 as the second wave of the pandemic and increase in lockdown measures threaten to drive business uncertainty and unemployment. On Saturday 31 October, it was announced that the government were extending the Coronavirus Job Retention Scheme to support businesses and individuals through the next phase of response to the pandemic. However, following the first extension announcement, it has been decided that further extension to the furlough scheme and increasing support [...]
Changes to the Coronavirus Job Retention Scheme (CJRS) On Saturday 31 October 2020, a second lockdown for England was announced. To support businesses and individuals through this, the government is providing additional financial support as part of the plan for the next phase of response to the pandemic. It has been confirmed that the Coronavirus Job Retention Scheme (CJRS) - also known as the furlough scheme - which was due to end on 31 October, will remain open until December. The government has protected over nine million jobs across the UK with the furlough scheme as well as supporting those [...]
Protect and preserve your business The pandemic continues. Comments from Allan Cadman, Partner at Poppleton & Appleby and North West Chair at R3. Seven months in and just a few weeks after a brief sense of light relief, we are now plunged back into an as yet, unknown period of severe restrictions on the fundamental freedoms that we ordinarily take for granted. A total of 7.8 million people and rising across the north of England are now in the highest alert level, not to mention the lockdowns affecting our Celtic friends and neighbours. This will give no comfort to the [...]
Government announces extension of insolvency measures The Government has extended the measures put in place by the Corporate Insolvency and Governance Act in order to protect businesses from insolvency, giving them a much-needed breathing space during the pandemic. Many changes to the Corporate Insolvency and Governance Act were due to expire at the end of September. However, as of 24th September, the measures have been extended to the end of December 2020 and in some cases to March 2021. Summary of temporary measures: Companies with any obligations to hold AGMs will continue to have the flexibility to hold these meetings [...]
How does the Coronavirus Job Support Scheme work? Yesterday, Chancellor Rishi Sunak announced a new scheme to increase the wages of workers who have had to cut their hours due to the COVID-19 pandemic. The Job Support Scheme will help to protect viable jobs in businesses that are likely to face a lower demand as we head into the winter months as opposed to all job roles which were supported as part of the initial furlough scheme. The new scheme will start in November replacing the existing furlough scheme which ends on October 31 2020. How will the new Job [...]
The spectre of the return of HMRC preferential status We have commented in several blogs and to clients directly and can confirm that the enactment of the Finance Bill on 22nd July 2020 paves the way for the reintroduction of preferential status for the vast majority of HMRC liabilities in insolvencies. Background As a potted history lesson, HMRC held preferential status up to the implementation of the Enterprise Act in 2003. This unexpectedly revoked this status in favour of a policy aimed at business enterprise and with the objective to return enhanced distributions to ordinary trade creditors in insolvencies. In [...]
The introduction into law of the CIGA on the 26th June 2020 represents the most significant reforms to the UK insolvency and restructuring framework for nearly two decades.