One in five highly skilled freelancers face business closure to COVID-19.

A fifth of highly skilled freelances face having to close their business due to the impact of the coronavirus pandemic, according to research from the University of Edinburgh Business School. The study, which surveyed over 1,400 highly skilled freelancers, found that three quarters of them had lost income, with an average drop of 76%. As a result, over two thirds say they now have cashflow problems. The research found that over 90% of these freelancers could not access the government’s…

A strong economic recovery following the coronavirus pandemic is likely although many risks and uncertainties remain, according to a report from Oxford Economics. The report, which was commissioned by the ICAEW, predicts that the economy should return to growth in the second half of the year if the lockdown continues to be relaxed over the summer. It says the unusual nature of this recession could prove to be a silver lining for the recovery. Because GDP has fallen due to…

Over £31 billion has been borrowed through the government-backed schemes that are providing business support during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. More than 745,000 businesses have now accessed support through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large Business Interruption Loan Scheme (CLBILS). The BBLS is the most popular scheme, with over £21.3 billion lent through it since it was launched on 4…

The coronavirus crisis has left many manufacturers on a cliff edge and in need of government intervention, Make UK has warned. The industry body says that as COVID-19 is putting a growing number of firms on the brink of collapse as production levels continue to fall. In response, Make UK is asking the government to step in with direct state support to ensure the short-term survival of firms. It said support should especially be targeted at the aerospace, car making…

Chancellor Rishi Sunak has announced changes to the government’s Job Retention Scheme (JRS), which will be slowly wound down over the next few months. The changes mean businesses will be able to bring furloughed employees back on a part-time basis from 1 July. Furloughed staff will continue to get 80% of their salary throughout until the scheme finishes at the end of October. However, employers will be expected to gradually contribute more towards furloughed employees’ salaries. In August, the taxpayer…

The government’s decision to extend COVID-19 support for self-employed workers has met with a cautious welcome from the Association of Independent Professionals and the Self-Employed (IPSE). Chancellor Rishi Sunak has announced that the Self-Employment Income Support Scheme (SEISS) will run again in August. In August, those eligible under the SEISS will be able to claim a second and final grant. The grant will be worth 70% of their average monthly trading profits, paid out in a single instalment covering three…

Research carried out by insurer Canada Life has revealed that 5.2 million people in the UK have fallen victim to scams during the coronavirus (COVID-19) pandemic. Canada Life’s research showed that the most common financial scams are banking scams, followed by insurance scams and pensions scams. Victims lost an average of £566 per scam, the research found. 48% of people surveyed said that the scams are so convincing they are difficult to spot. 55% stated that falling victim to a…

On 26 May, HMRC opened up its Statutory Sick Pay (SSP) rebate claim service. Eligible employers are able to recoup up to two weeks’ worth of SSP payments made to employees off work for coronavirus (COVID-19)-related reasons since 13 March 2020 (16 March 2020 if the employee was shielding). This is an ongoing scheme for which an end date has not yet been announced. The scheme is potentially worth up to £191.70 per employee that an employer has made SSP…

The government recently published revised legislation on the Coronavirus Job Retention Scheme (CJRS). On 22 May, Chancellor Rishi Sunak altered CJRS legislation to reflect the extension of the scheme. On 12 May, the Chancellor announced an extension to the CJRS until the end of October and confirmed that employees will continue to receive 80% of their monthly wages, up to £2,500. However, Mr Sunak said companies will need to start sharing the cost of the scheme from August. The changes…

A survey carried out by the British Chambers of Commerce (BCC) has suggested that one in ten UK businesses feel they cannot implement government coronavirus (COVID-19) guidance safely. Results from the BCC’s latest Coronavirus Business Impact Tracker revealed that 83% of businesses polled know some or a lot of details about government guidance on working safely. 37% of firms said that they can implement the guidance and restart business operations, whilst 45% stated that they can partially restart. 85% of…