Blog

Coronavirus Future Fund launched

Last month, the Chancellor, Rishi Sunak, announced a number of measures to help innovative firms survive the Coronavirus pandemic. One of these measures was the launch of a special investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector, called the Future Fund. The government has committed to an initial £250 million in funding towards the scheme. This amount will be kept under review. Funding applications for the Future Fund opened on 20 May 2020 and the scheme will...

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Maximum loan under CLBILS increased to £200m

The scope of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) is to be extended from 26 May 2020. The maximum loan size will be increased from £50 million to £200 million. Larger businesses will be able to benefit from loans up to the lower of 25% of turnover or £200m. The changes are expected to go live on 26 May and full details are expected to be made available on that date. This increase will help ensure those large firms which do not qualify for the Bank of England’s Covid Corporate Financing...

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Working safely during coronavirus

The government has produced guidance to help employers, employees and the self-employed in England understand how to work safely on their return to work during the coronavirus pandemic. The so-called “COVID-19 Secure” guidance currently comprises eight separate guides covering the following workplace settings: construction and other outdoor work factories, plants and warehouses labs and research facilities offices and contact centres other people’s homes restaurants offering takeaway or delivery shops and...

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Guidance for employers on workplace testing

The Information Commissioner’s Office (ICO) has published guidance for employers on workplace testing during the coronavirus pandemic. It covers the extent to which employers can carry out tests on staff on their return to work to see if they have either coronavirus or symptoms of it. The guidance makes clear that any testing needs to comply with the GDPR and the Data Protection Act 2018, and that any personal data relating to health is special category data. The topics covered in the guidance include: the lawful basis that can be...

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Trade credit insurance guarantee

Trade credit insurance is a contract acquired by suppliers to make sure they get paid even if their customers default. This gives businesses the confidence to trade with one another and is especially important as the COVID-19 pandemic continues to decimate many businesses. The risk of COVID-19 meant that insurers could withdraw insurance or increase premiums to unaffordable levels. HM Treasury has now confirmed that to prevent this from happening, the government will provide guarantees for all currently available for trade credit insurance....

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Upcoming bank holiday dates

We thought it would be useful to remind our readers of the upcoming bank holiday dates across England, Wales, Scotland and Northern Ireland. Whilst many people are still under lockdown, there are still some extra days off to look forward to for the rest of the year. 2020 bank holidays in England and Wales Monday 25 May - Spring bank holiday Monday 31 August - Summer bank holiday Friday 25 December - Christmas Day Monday 28 December - Boxing Day (substitute day) 2020 bank holidays in Scotland Monday 25 May - Spring bank holiday Monday 3...

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Extension of vehicle MOT dates

A reminder that MOT expiry dates are being extended by 6 months for all MOTs due on or after 30 March 2020. This includes vehicles that are due their first ever MOT test and applies to cars, motorcycles, light vans and other light vehicles. The MOT expiry date will be automatically extended approximately 7 days before it’s due to expire. Your vehicle tax remains due as normal. You cannot renew your vehicle tax until your MOT expiry date has been extended. This means you might need to wait until later in the month to tax your vehicle...

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Launch of SSP Rebate Scheme

Under the Coronavirus Statutory Sick Pay Rebate Scheme small-and medium-sized businesses and employers will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. It has now been confirmed that the online service to reclaim SSP will launch on 26 May 2020. In order to claim, you will need the Government Gateway user ID you acquired when you registered for PAYE Online. If you use an agent who is authorised to undertake PAYE online for you, they will be able to claim on your behalf. An alternative way of claiming...

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Coronavirus insolvency and AGM measures

The insolvency measures to help prevent businesses unable to meet debts due to the impact of Coronavirus to continue trading and not be forced to file for bankruptcy have been extended. It was confirmed that the temporary suspension of wrongful trading liability during the pandemic will now continue until 30 June. The measure was initially set to expire on 1 June 2020. This means that company directors can keep their businesses going without the threat of personal liability. This measure allows directors of companies to pay staff and suppliers...

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Claiming tax relief on work-related expenses

Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief based on the initial cost. In most cases you can claim tax relief on the full cost of this type of equipment as it usually qualifies for a type of capital allowance called annual investment allowance. Any tax relief would be reduced if the employer provides a contribution towards buying the item. The way to claim tax relief depends on the amount that is being claimed. HMRC provides the following information on making a...

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