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 [...]
If there is nothing else that we may all have learned from the experiences of 2016 and 2017, it should be that almost everything is unpredictable and that if something can happen, it most likely will.