COVID-19 Business Support Hub

Annual Function Exemption; Is your company’s Christmas party tax deductible?

Annual Function Exemption is a good way for employers to benefit whilst rewarding their staff.

Support for employers – furlough, bonuses and job support schemes

Over the last few months the original furlough scheme introduced in April 2020 has been winding down.  The last claims can be made in relation to payments to furloughed individuals up to the end of October 2020.

Working from home and the law of unintended consequences

As if home schooling and balancing Amazon deliveries is not enough, working from home can have tax consequences.

Pension changes adding confusion and opportunity!

One of the key changes in Rishi Sunak’s budget was to that of savings, in particular pensions, which, due to the global COVID-19 crisis took more of a backseat in terms of pressing news, but which is vitally important to anyone wanting to make financial provision for the future.

No U-turn for new off-payroll working rules

Those who hoped the rules in connection with off-payroll working for private sector entities would be abandoned because of COVID-19, are to be disappointed. The regulations have simply been postponed until 6 April 2021 when they will come into force.

Location of Employees – are they where you think they are?

Up until recently, we would have been having a conversation about international travel, employees working overseas and what this might mean with regards to tax status.

Employee Expenses

With many employees continuing to work from home, HMRC have announced several modifications to the normal benefits and expenses tax rules to enable easier homeworking for both the employer and the employee. Here we outline the key points to be aware of.

Further detail on the Job Retention Bonus scheme issued by HMRC

HMRC have now provided some further information on the Job Retention Bonus that can be claimed between 15 February 2021 and 31 March 2021.

Cash is King – new government initiatives to help businesses

Rishi Sunak has announced today that access to the four coronavirus financial support schemes has been extended until 30 November 2020 for new applications.

Winter economy update: The new Job Support Scheme

The government today issued new measures designed to support businesses from 1 November 2020.

VAT cut to be extended for the hospitality sector and VAT deferral scheme support

Today’s government announcement included an extension to the temporary VAT rate of 5% for the hospitality and tourism sectors. The 5% rate was due to end mid January 2021 and  has been extended to 31 March 2021. This is welcome news for the struggling sector.

Be Scam Smart – resurfacing of an old telephone scam

We have previously reported with advice on how to avoid falling victim to scams from people purporting to be from HMRC.

Your COVID-19 Financial Checklist

You can download Your Covid-19 Financial Checklist here, it has been put together to help you consider all areas of the business and key financial issues you may want to revisit.

Job retention bonus

HMRC has now issued (some) further details on the job retention bonus, the additional support to employers retain, in meaningful employment, their furloughed employees after the Coronavirus Job Retention Scheme ends on 31 October 2020.

How will the “COVID Moratorium” work in practice?

A moratorium under the so-called temporary measures provisions of the Corporate Insolvency and Governance Act 2020 (“the Act”) is not quite the same as the moratorium we will have once those temporary provisions expire.

Key dates for your diary

June furlough claims deadline – 31 July

Any claim for furlough grants relating to the period ended 30 June must be submitted by 31 July 2020.  Only a few days left to get those claims in if you have not already done so.

Jo Upshall, Audit and Business Advisory Partner and Nicola Smyrl, Associate Solicitor from Taylor Walton discuss  ‘Flexible Furlough – What is next for your business?’

Transaction Services – Inbound Investment 

Experts are predicting that the impact of COVID-19 could be felt across the world for many years to come and that those suffering the greatest economic impact will become targets for inbound investment.

Claims for the first SEISS grant, which opened on 13‌‌ May, must be made no later than 13‌‌ July

Eligible self-employed people must make a claim before that date to receive the first SEISS grant.

The Job Retention Bonus

HMRC has now provided a little more detail on the Job Retention Bonus with the intention of providing support for businesses to retain employees; a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS).

Hospitality sector stimulus package: “Eat Out to Help Out” and VAT rate cut – Summer Statement 2020

“There’s no such thing as a free lunch” was used by the famous economist Milton Friedman as a title for one of his books on free market economics and aptly sprang to mind when hearing of the “Eat Out to Help Out” scheme today!

New help for employers – Summer Statement 2020

The Chancellor today announced a plan for employers comprising various possible reliefs and assistance.

The Corporate Insolvency and Governance Act 2020: an overview

In March 2020 we explained that the government had announced changes to the UK’s insolvency regime.

Possible VAT change

The current COVID-19 crisis has led to much speculation that the Chancellor may soon announce changes to the VAT rate in order to boost the economy.

Paying Coronavirus Job Retention Scheme grants back

The Coronavirus Job Retention Scheme has involved complex calculations for many employers, particularly where variable pay is involved and so it is possible that mistakes will have been made.

Update on the Coronavirus Job Retention Scheme (CJRS)

Although the scheme will close on 31 October 2020, there are various changes over the coming months, starting from 1 July.

Bounce Back Loan scheme

Since our last update on the government backed schemes to support businesses and the economy, the Bounce Back Loan scheme (BBLS) has gone live.

Update on the Coronavirus Job Retention Scheme (CJRS)

Although the scheme will close on 31 October 2020, there are various changes to the scheme over the coming months, starting from 1 July.

End of deferral for VAT payments

The VAT deferral that was available for VAT due between 20 March 2020 and 30 June 2020 will end for any payments that are due after 30 June 2020.

Self-employment Income Support Scheme update first grant claim deadline 13 July

Claims for the first SEISS grant, which opened on 13‌‌ May, must be made no later than 13‌‌ July. Eligible self-employed people must make a claim before that date to receive the first SEISS grant.

Coronavirus job retention scheme update

On Friday 29 May Rishi Sunak announced three key changes to the job retention scheme.

Live from today: The coronavirus Statutory Sick Pay Rebate Scheme

The coronavirus Statutory Sick Pay Rebate Scheme is now open for applications, please click here to view.

COVID-19 update: Forward guidance and route map to future, our top ten tips

On Sunday 10 May the Prime Minister outlined the first steps to the easing of lockdown and over the subsequent days more detailed guidance emerged about how the nation could expect the plan to unfold.

Defer self-assessment payments on account due on 31 July 2020

At Mercer & Hole we are working hard to help our clients manage their personal cash flow.

Chris Laughton and Henry Page, Restructuring partners, discuss how cross border restructuring and insolvency is affected by the coronavirus

UK furlough scheme extended by four months

On the afternoon of Tuesday 12 May, it was announced that the Coronavirus Job Retention Scheme is to be extended unchanged for four months, to the end of October 2020.

New guidance certain expenses and benefits provided to employees during coronavirus

HMRC has issued guidance for employers on the tax treatment of some common expenses paid for employees during the coronavirus outbreak.

Watch Audit & Business Advisory Partner, Jo Upshall video on ‘Top tips for business owners and SME’s working through the pandemic’

Watch Dominic Dumville, Corporate Restructuring Partner ‘Top Five Tips for looking after your business during lockdown’

Tax efficient giving to benefit others during the pandemic

In the UK, we have been in  lockdown measures since March 23, the sight and silence of closed business, leisure and other activities is familiar to us all.

Self-employed Income Support Scheme online eligibility test now available

HMRC are now contacting taxpayers to advise of eligibility for the Self Employed Income Support Scheme (SEISS).

COVID-19: Self employed update

HMRC has now provided further information on calculating the amount you can claim as a grant.

Business Resilience

Resilience is a desirable quality because it helps us to recover from adversity without losing confidence. For over 115 years our role is to support our clients, to stay close with calm, considered communication.

COVID-19 Business support: VAT cashflow management

During these difficult times, most businesses are facing a sudden and unexpected drop in turnover and are looking for ways to improve cashflow.

COVID-19: Further support from The Future Fund and Innovate UK for businesses focussing on Research & Development

There has been numerous financial packages already announced by HM Treasury that are being made available to UK businesses as they struggle to cope with the coronavirus outbreak.

Thinking beyond the here and now – CBILS and medium-term planning

In these unprecedented times there has been great focus on the support available for businesses to help navigate through the economic impact of COVID-19.

Suggestions for navigating a business through disruption

Life in the UK has seen a seismic shift these past two months and we are living through, and managing businesses through, a time that is unlike anything that has come before.

Bounce Back and Spring Forward: The continuing development of support packages available for SMEs

They say six weeks is a long time in politics, well it’s even longer during lockdown!

COVID-19: Easy to use flowchart

HMRC have issued a helpful flowchart that will sign post you towards help that may be available to you.

Survive to Thrive: The Future Fund and support for Innovative businesses

Rishi Sunak announced last night (20 April 2020) the launch of two new funds.

Continuing to trade through uncertainty – it’s time for directors to think ahead

As the UK enters a further period of lockdown there may be the beginning of some positive messages on the horizon.

The Coronavirus Job Retention Scheme (CJRS) portal opens today

The claim period has been extended to 30 June 2020 and there is updated guidance for employer claims.

Updated HMRC guidance on the Self-employment Income Support Scheme

HMRC updated guidance for claims by the self-employed yesterday, 14 April which can be accessed via the following link

COVID-19: Lockdown and impact on your tax status

Eprivateclient published our partner Liz Cuthbertson’s article, looking at how because of COVID-19, many people are now faced with unexpected circumstances that require immediate guidance.

The impact of COVID-19 for Charities

If you are involved with a charity especially perhaps if you are a trustee or an executive, you will undoubtedly be feeling the impact of the crisis.

Coronavirus Job Retention Scheme portal update

HMRC anticipate they will be ready to open the Coronavirus Job Retention Scheme (CJRS) portal on 20 April.

The Coronavirus Job Retention Scheme update

The CVA – a useful tool for a healthy business with a COVID-19 problem

A skilled Insolvency Practitioner looks at each case in isolation, identifies the business’ strengths, its opportunities and the problems, and then assists the directors in identifying the right solution.

Time for review?

Many of us have been meaning to get around to looking at our financial arrangements for a long time.

A practical guide to hibernating your business

Many Directors’ instinct will be to quickly contract or ‘mothball’ the business; stopping all payments, locking up and leaving a ’back in June’ sign on the door.

Support for individuals during COVID-19

If you are an individual, who is neither an employee nor owns a business, you might be wondering about the measures for you – there are some to think about.

Coronavirus Business Interruption Loan Scheme (CBILS) – a practical guide

As demand grows for the Coronavirus Business Interruption Loan Scheme (CBILS), we are here to support you and your business through the decision making process.

Business Support: Relief through insolvency law changes 

Mercer & Hole’s guide to being scam smart – advice for avoiding coronavirus scams

Client Update

Office Holders and Company Directors – where are we now?

Real client issues from the coronavirus impact Residence Status.

COVID-19: how to claim back Statutory Sick Pay

Deferral of Self-Assessment tax payment extended to all tax payers

Dealing with distress: Top 10 tips for dealing with COVID-19 financial distress

COVID-19: Deferral for VAT payments

Coronavirus support for the self-employed

A package of measures to support UK business: Business rate relief, commercial rent and grants explained

An important reminder of the value of R&D tax relief

Update for company account filing

Emerging news for the self-employed

Coronavirus (COVID-19) supporting you and your business

Companies House to allow coronavirus-related filing extensions

Options for Directors: COVID-19

Detailed Directors duties and COVID-19

Government assistance on coronavirus issues – updated Wednesday 18 March

We are still working, just working differently

Government assistance and advice on the coronavirus outbreak