Covid-19

A survey conducted by the British Chambers of Commerce (BCC) has found that over 70% of responding businesses have furloughed a proportion of their workforce. Data from the BCC’s latest Coronavirus Business Impact Tracker revealed that 71% of firms have furloughed their employees, up from last week’s figure of 66%. 30% of businesses have furloughed between 75% and 100% of their workforce, whilst 28% haven’t furloughed any employees. The Tracker also found that firms are awaiting funds from the government’s…

Research carried out by online marketplace Fiverr has suggested that the coronavirus (COVID-19) pandemic has already cost UK small and medium-sized enterprises (SMEs) £277,893 each. The research was collected by polling SME owners in 19 UK cities, and revealed regional differences of opinion. Fiverr found that businesses in London are most positive about flexibility, with 66% appreciating the flexibility of compulsory remote working. 57% of businesses in Bristol stated that they feel more connected to their employees as a result…

The government has unveiled a billion pound support package for innovative businesses affected by the coronavirus (COVID-19). The ‘targeted and tailored help’ provided by the package will help ensure firms in dynamic sectors of the UK economy are protected during the COVID-19 crisis so they can ‘continue to develop innovative new products and help power UK growth’. The £1.25 billion Future Fund package includes a £500 million investment fund for high-growth firms adversely affected by the pandemic, which is made…

The government’s Coronavirus Job Retention Scheme went live on 20 April after Chancellor Rishi Sunak extended it until the end of June. The scheme allows businesses to furlough their employees, with the government paying 80% of their wages up to a maximum of £2,500. HMRC has emailed two million employers providing a link to a five-step guide to claiming, and has warned them to be aware of the scams that are circulating. The Coronavirus Job Retention Scheme was initially open…

The Pensions Regulator (TPR) has issued guidance covering automatic enrolment and employer contributions during the coronavirus (COVID-19) pandemic. The Regulator said it recognises the strain employers are under during the crisis and is taking a ‘proportionate and risk-based approach’. The TPR has written to pensions providers asking them to be ‘as flexible as possible’ when agreeing contribution payment dates. It has extended the period in which schemes must report payment failures from 90 days to 150 days in order to…

The government has widened the eligibility criteria for furloughed employees who need to access the Coronavirus Job Retention Scheme by pushing back a key date. Under the Coronavirus Job Retention Scheme, businesses can apply for government grants for employees’ salaries up to the lower of 80% of an employee’s regular wage, or £2,500 per month for three months from 1 March. The scheme could run for longer if the social restrictions to help halt the coronavirus (COVID-19) pandemic remain in…

HMRC has released guidance on the coronavirus (COVID-19) Self-employment Income Support Scheme. Under the scheme, self-employed individuals will be able to claim a taxable grant based on an average of their earnings over the past three years. To be eligible, self-employed workers must have filed a tax return for the 2018/19 tax year and have average trading profits under £50,000 for the past three years. In the guidance, HMRC said: ‘This scheme will allow you to claim a taxable grant…

The government’s Coronavirus Job Retention Scheme will launch on 20 April, according to HMRC. The authority has informed tax agents of the launch date and requested their help during the application process. Under the Coronavirus Job Retention Scheme, businesses are able to apply for government grants for employees’ salaries up to the lower of 80% of an employee’s regular wage, or £2,500 per month for three months from 1 March. The scheme could run for longer if the social restrictions…

On 8 April, Chancellor Rishi Sunak announced a £750 million package to help charities struggling during the coronavirus (COVID-19) pandemic. Experts have warned that charities are struggling as a result of donations drying up and shrinking income due to enforced shop closures during the coronavirus lockdown. The measures announced by the Chancellor include cash grants, which will be supplied to charities that provide key services during the crisis. As part of the scheme, £360 million will be directly allocated by…

UK businesses are struggling to access emergency loans provided by the government’s coronavirus (COVID-19) business interruption loan schemes, according to a survey conducted by the British Chambers of Commerce (BCC). The BCC’s weekly tracker poll, which shows the pandemic’s impact on businesses, surveyed over 1,000 firms. Just 1% of companies surveyed by the BCC had managed to access Chancellor Rishi Sunak’s Coronavirus Business Interruption Loan Scheme, while 8% had applied unsuccessfully. Businesses that failed to access funds through the scheme…