Many businesses are currently experiencing widespread disruption and uncertainty as a result of COVID-19. Our advisors are busy keeping up to date with all the detail and practicalities on emergency measures as they are announced by Government.

In times like these, see how we support clients.

Please click the images below for information and insight into how to deal with the economic impact of COVID-19.

The Self-Employed and Coronavirus

Self-Employed Income Support Scheme (SEISS): second grant opens 17 August
Read more details here.

Exit plans – COVID-19 or not

Exit plans – COVID-19 or not
Read the full article here.

UK Government Job Retention Bonus Scheme
Read more details here.

Supporting the Test and Protect programme – what should businesses do?

Supporting the Test and Protect programme – what should businesses do?
In this article we provide practical information for businesses.

Scottish Government announces further funding for tourism

Scottish Government announces further funding for tourism
The tourism sector has been one of the hardest hit by the COVID-19 pandemic. To help stimulate its recovery, two new support packages worth £15 million have been announced. Donald Boyd discusses these here.

 

 

The story behind the numbers

The story behind the numbers
With talk about changing year-ends and extending filing deadlines as a result of COVID-19, the reality is there is no “one size fits all” route to go down. Nicola Campbell discusses the need to create the right strategy for you and your business here.

The known and unknown unknowns
In his latest blog, Fraser Campbell considers life from the perspective of SMEs and OMBs working to exit from lockdown. With the Chancellor’s Summer Statement offering a welcome boost, attention must now also move to planning for Brexit. View the full article here.

Direct tax ideas to improve cash flow

Summer Statement 2020
The statement focused on jobs, housing and the leisure and hospitality sector. To give more detail on the measures announced and how they may affect your business situation, we’ve created this guide

Job Retention Scheme – Key Changes

Job Retention Scheme Update July 2020
This document will outline the key changes from July and provide you with some links to more detailed guidance where you should be able to find the answer to some questions you may have.

The future of farming, during and post-COVID

The future of farming, during and post-COVID
Head of Rural, Andy Ritchie discusses the future of farming during and post COVID-19 with a particular focus on the impact on land prices here.

Eat Out to Help Out Scheme

Eat Out to Help Out Scheme
In a bid to get the economy moving, The Eat Out to Help Out Scheme was announced. The voucher scheme entitles diners to 50% off food or non-alcoholic drinks at UK restaurants on Monday – Wednesday during August. Donald Boyd shares the details for the hospitality sector here.

Plan for Jobs to kick-start the economy

Plan for Jobs to kick-start the economy
To help mitigate the impact of COVID-19 and kick-start the economy, the Chancellor announced a Government plan for jobs. Here we summarise what’s known about the measures so far.

Time for collective action, clarity and teamwork
The Higgins Report and our discussions with clients have highlighted the need for Governments and business to work together as we ease out of lockdown. Fraser Campbell discusses this and other wide-ranging concerns here.

The information in this update should not be regarded as financial advice. This is based on our understanding on 08 July 2020. Laws and tax rules may change in the future.

Government Aid Package for the Arts
The Department for Digital, Culture, Media and Sport (DCMS) announced that the beleaguered Arts sector will receive a £1.57 billion rescue package. While it seems like generous support, there are a number of questions around how it will work. Scott Craig discusses these here.

Hospitality and Leisure: VAT Rate Cut

Hospitality and Leisure: VAT Rate Cut
In a boost to the tourism & hospitality sector, the Chancellor announced a 6 month VAT cut from 20% to 5% on food and accommodation. Veronica Donnelly discusses the details here.

COVID-19: Accounting for rent concessions

COVID-19: Accounting for rent concessions
The challenge of meeting property rental payments is a top concern of businesses and charities as a result of coronavirus. Many lessees are discussing a rent concession with landlords. Donald Boyd looks at how these should be accounted for here.

The Corporate Insolvency and Governance Act 2020 – protection for businesses in financial distress

Derek Forsyth shares the impact of this new legislation on the business world here.

Tax Planning for High Net Worth Individuals

Katy Burke shares some tips here.

COVID-19 and anticipated company loss carry backs to claim cash tax
Mark Pryce discusses a potential alternative to changing company year end here.

Mind games
Fraser Campbell discusses the benefit of businesses adopting a ‘start-up attitude’ amidst the roller coaster of Covid-19 headlines here.

HMRC enquiries are likely to increase – are you prepared?

Read more here.

Business Interruption Insurance Claims
All is not lost…but challenges to overcome. Read more here.

Job Retention Scheme – Key Changes

Job Retention Scheme – Key Changes
Here we summarise the impending amendments to the scheme.

Watch the rear-view mirror
With reports stating that HMRC will have the power to investigate, claw-back and penalise fraudulently claimed coronavirus support payments and grants, Fraser Campbell discusses considerations to take into account now here.

Changes to Restructuring Legislation - The Corporate Insolvency and Governance Bill

Changes to Restructuring Legislation – The Corporate Insolvency and Governance Bill
Major changes to the UK corporate rescue regime imminent. The changes are designed to help companies that require breathing space and a restructuring plan to survive. Read more here.

Charities could benefit from tax reform as cash reserves fall

Charities could benefit from tax reform as cash reserves fall
Scott Craig, National Head of VAT and a specialist in charity taxation, discusses the current tax system in greater detail and suggests some reforms which may help the sector here.

How will the Coronavirus Support Packages affect your SME R&D Tax Claim?

How will the Coronavirus Support Packages affect your SME R&D Tax Claim?
Here Mark Pryce looks at the impact funding could have on your R&D tax relief or tax credit claims – past, present and future.

COVID-19 and the Art World

COVID-19 and the Art World
Scott Craig discusses the impact the pandemic has had on the Art market worldwide here.

Reopening and Rebooting

Fraser Campbell discusses ideas and plans that should be considered for reopening and rebooting the economy in his latest blog.

Details of Changes to the Coronavirus Job Retention Scheme

Details of Changes to the Coronavirus Job Retention Scheme
Here we summarise the key points and provide clarification on the key aspects.

Coronavirus Job Retention Scheme

Further Financial Assistance Available for Employers
The Financial Assistance Scheme for Employers unable to pay statutory redundancy payment. View more information here.

Coronavirus Job Retention Scheme extended until October

Government provides clarification on Job Retention Scheme until 31 October 2020
At the end of last week, the Chancellor announced changes to the Job Retention Scheme. We’ve summarised the key points here.

Grappling with the people factor
Fraser Campbell discusses the impact COVID-19 has had on workforce and careful considerations for the future.

Stock market turmoil, Property sales and Inheritance Tax. Can you claim back IHT?

Stock market turmoil, Property sales and Inheritance Tax. Can you claim back IHT?
The COVID-19 pandemic has had a major impact on global stock markets, with the value of shares and unit trusts falling significantly. Aileen Scott discusses the opportunity of claiming back or reducing Inheritance Tax (IHT).

Further financial support announced by the Scottish Government

Scottish Government increases funding support
It was announced on 26 May that further measures are being taken by the Scottish Government to support businesses adversely affected by coronavirus.

Claiming back employees’ coronavirus-related Statutory Sick Pay (SSP)

Claiming back employees’ coronavirus-related Statutory Sick Pay (SSP)
The scheme was originally launched in April and the portal opened for applications on Tuesday, 26 May.

How the COVID-19 crisis has helped bring the public closer to UK farmers – and what must be done to maintain relationship

How the COVID-19 crisis has helped bring the public closer to UK farmers – and what must be done to maintain relationship
Ian Craig discusses how to maintain public engagement long after the crisis.

Predicting and attracting demand in the new economic landscape
Fraser Campbell discusses the need for businesses to plan and prepare for the next phase.

UK Government to provide £1.25bn support package for start-up businesses

Support for start-up/early-stage businesses
Graham Cunning, Partner, looks at the details of this package.

Coronavirus Job Retention Scheme extended until October

Coronavirus Job Retention Scheme extended until October

Read more here.

Planning for and managing “sticky” cashflow

Planning for and managing ‘sticky’ cashflow
Fraser Campbell discusses the practical measures businesses can take to protect cashflow and progress to the recovery stage in ‘new normal’.

Good governance guidance for public sector organisations during COVID-19

Good governance guidance for public sector organisations during COVID-19

Read more here.

New loan fund for SME housebuilders announced by Scottish Government for loans up to £1million

New loan fund for SME housebuilders announced by Scottish Government for loans up to £1million
View further details here.

The Self-Employed and Coronavirus

HMRC Self-Employed Income Support Scheme – how to claim
Aileen Scott, Head of Tax, discusses eligibility and next steps.

Funding Circle added to list of accredited CBILS lenders

Funding Circle added to list of accredited CBILS lenders
View the key features of and criteria for CBILS through Funding Circle.

Counting down the days
In the first of a series of ‘Counting down the days’ blogs by Fraser Campbell, he offers practical tips and steps that the SME business community can take to prepare and manage the transition from ‘Survival to Revival’.

UK Government announces 100% state-backed loans for small and medium sized businesses 

UK Government announces 100% state-backed loans for small and medium sized businesses
View further details, including eligibility criteria.

COVID-19: Government Grants Process in Scotland

Distressed SMEs and newly self-employed given lifeline by Scottish Government
View further details of how the £100 million support package will be broken down.

Furloughing and the Job Retention Scheme
Grant Saunders, Head of Payroll, discusses how we can help and offers guidance.

Further update: Coronavirus Job Retention Scheme

Further update: Job Retention Scheme
The Chancellor has made a Treasury Direction under Section 71 and 76 of the Coronavirus Act 2020.

Further financial support announced by the Scottish Government

Further financial support announced by the Scottish Government
Around £220 million of additional grants are being made available.

Company Car Benefit in Kind during Coronavirus

Company Car Benefit in Kind during Coronavirus
Aileen Scott, Head of Tax, discusses the impact on company car benefit.

Further update: Coronavirus Job Retention Scheme

Further update: Coronavirus Job Retention Scheme
Aileen Scott, Head of Tax, looks at the additional guidance published by HMRC.

Government support

Supporting you and your business
A practical guide to help you navigate through some of the latest Government emergency measures.

Coronavirus Job Retention Scheme

Coronavirus Job Retention Scheme
We look at the details of the Scheme and how it will operate.

The Self-Employed and Coronavirus

The Self-Employed and Coronavirus
We explore the Self-Employed Income Support Scheme.

Claiming back employees’ coronavirus-related Statutory Sick Pay (SSP)

Accessing Coronavirus Business Interruption Loans
As details develop we are sharing what we know, so far, to assist you in accessing the Coronavirus Business Interruption Loan Scheme (‘CBILS’).

COVID-19: Government Grants Process in Scotland

Government Grants Process in Scotland
The Scottish Government has published details as to how some businesses can apply for help with non-domestic rates.

Deferment of VAT payments

Deferment of VAT payments
Veronica Donnelly, Partner, discusses support for businesses through deferring VAT and Income Tax payments.

How to manage your tax payments

How to manage your tax payments
Mark Pryce, Partner, looks at two facilities HMRC already has in place which could help you to manage your tax payments.

We will continue to monitor events and announcements as they occur and should you have any concerns on how your business may be affected, please get in touch.

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The information in this update should not be regarded as financial advice. This is based on our understanding on 14 August 2020. Laws and tax rules may change in the future.