To ensure we are providing you with as much support and information regarding the Government’s Coronavirus initiatives, here are the latest updates regarding the Coronavirus Job Retention Scheme (CJRS) for furloughed employees. During the government briefing on Friday 29th May, Chancellor Rishi Sunak confirmed the changes to the CJRS, in line with the easing of lockdown restrictions and the extension of the scheme until the end of October. Under the current scheme, the Government will pay back to the employer 80% of each furloughed employee's salary, up to a maximum of £2,500 per employee, plus the National Insurance paid, as [...]
A major reorganisation and enhancement of UK Insolvency legislation was already being considered long before Coronavirus became a familiar term and the consultation process around the shape of new legislation has in fact been launched only recently within the Insolvency, Turnaround and Financing business community. However, as a responsive need at the outset of Lockdown in the UK, the Government announced some surprising temporary measures that were all intended to minimise the commercial impact of the lockdown and support businesses that might otherwise feel compelled to shut up shop permanently when faced with the challenges it presents. The measures were [...]
HMRC has opened the portal for the Self-employment Income Support Scheme (SEISS), meaning taxpayers can now submit applications. The scheme, which is accessible to those that are self-employed or a member of a partnership and have been adversely affected by Coronavirus, will allow you to claim a taxable grant of 80% of your average monthly trading profits over three years, capped at £7,500. It will be paid out in a single instalment covering three months, paid directly into your bank. In order to access the portal, you will need to log in, or create, your Government Gateway account. You will [...]
Throughout April, the Government launched a range of initiatives and support packages to support business as a result of the coronavirus outbreak. It can feel overwhelming to understand which option is best for you, so to try and help we have laid out a summary of all the initiatives below: Bounce Back Loan Available as of 9 am this morning (4th May 2020), the Bounce Back Loan is the latest business support scheme to be announced for small and medium-sized businesses affected by the pandemic. The loans, of up to £50,000, will be interest-free for 12 months and will be [...]
The Government recently announced the Coronavirus Business Interruption Loan Scheme “CBILS” operated through the British Business Bank on behalf of the Government.
As you may be aware, in response to the coronavirus epidemic the Government has announced changes to the existing insolvency laws around the continuity of businesses that may provide some much-needed comfort for directors and business owners that are feeling concerned. As the law currently stands and in accordance with section 214 of the Insolvency Act 1986, once a director of a company concludes that there is no reasonable prospect of their company avoiding insolvency then the directors have a duty of care to protect the interests of not only the creditors, including HMRC, but all stakeholders to ensure that [...]
On Friday 2oth March, the British Government responded decisively with unprecedented measures around how they plan to support British businesses and individuals during the Coronavirus pandemic. The closure of pubs, restaurants and the leisure sector, in general, represents the most significant enforced peacetime societal interruption to the nations pastimes and leisure activities. In a quite frankly, staggering series of measures announced by the Chancellor of the Exchequer on Friday evening, limitless funds were pledged to assist businesses and their employees to manage their finances during the looming uncertainties. The existential threat of mass insolvencies, particularly in the leisure [...]
With the rapidly changing nature of the coronavirus outbreak, information and advice from the government is changing on a daily basis. In the latest response to the outbreak, the Chancellor has introduced various coronavirus business support initiatives which will be very welcome to businesses who may possibly be experiencing financial concerns. These measures include: A Coronavirus Business Interruption Loan Scheme To support businesses experiencing difficulty through this current period, an additional £2.2 billion funding support for small businesses that pay little or no Business Rates (SBBR) has been announced. There will also be a refund for businesses and employers required [...]
How can a business protect itself from insolvency? Poppleton and Appleby partner, Stephen Wainwright discusses in his latest blog.
There has undoubtedly been a seismic change in the UK political landscape, but I doubt that economic impact will be as significant or lasting. In the Brexit journey, we still have many hurdles to cross, and if we believe that it is the single most significant event impacting the UK's economic stability, we are fooling ourselves.