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 [...]
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.
As 2019 draws to a close, we reflect on some of our news and articles that we shared with you this year and add a brief perspective on the year ahead. We'd like to send special thanks to those who have worked with us or referred clients to us this year.
We have seen a large increase in the number of Insolvencies in the construction industry recently. The number of construction firms falling into administration leapt by over half during the third quarter of 2019.
This year alone, we have seen a raft of insolvencies affecting well known high street brands such as Thomas Cook, Bon Marche, Karen Millen and its subsidiary Coast, Bath Store and Debenhams, with the latest being Mothercare.