COVID-19 Knowledgebase

72% of owner managed businesses say they’re confident they can retain their furloughed workers once government funding ends, according to a survey conducted by the Association of Practicing Accountants (APA).

A variety of funds have been created to help businesses throughout the pandemic as well as the Bank of England vowing to buy short term debt from large companies.

The government has announced a programme under the Plan for Jobs initiative to support young people getting into the workplace and building the skills they will need. 

Since the beginning of lockdown, many measures have been set out in an effort to stabalise businesses against the negative impact of COVID-19; from the initial support to protect UK high streets to more recent developments for young workers and making homes more energy efficient.

Small and medium sized businesses can now access government funding to cover or contribute towards the cost of a range of services offered by Duncan & Toplis.

As long as COVID-secure measures are in place, companies are now able to ask employees to return to work in an office for non-essential work.

After criticism of the Coronavirus Business Interruption Loan Scheme (CBILS), which has only supported 8,638 businesses to date, the government announced the Bounce Back Loan Scheme (BBLS).

One of the first packages of support to be announced for businesses affected by COVID-19 was the Coronavirus Business Interruption Loan Scheme (CBILS).

The Job Retention Bonus aims to provide businesses with extra support when furloughed employees are retained in meaningful employment after the Coronavirus Job Retention Scheme (CJRS) ends on the 31 October 2020.

The COVID-19 pandemic has had a surprising and significant impact on the world as we know it. Many countries have experienced wide scale lockdowns and economic downturn – it truly has been the global event of a generation.

With the threat of a possible financial crisis and severe economic downturn now with us, rumours have started to circulate that the UK may bring in a ‘wealth tax’.

On the 26 March the Government announced a support package for the self-employed, including members of partnerships in the UK that have lost income due to coronavirus.  

Updated 30.07.2020: On Friday 29 May 2020 the Chancellor announced more detail on the planned changes to the Coronavirus Job Retention Scheme (CJRS). These changes have been put in place to allow for more flexibility within the scheme.

In order to encourage consumers to visit restaurants and other eating establishments which have struggled as a result of the coronavirus pandemic, the government has introduced the Eat Out to Help Out Scheme.

Giving his Summer Statement on 8 July, the chancellor announced a headline measure of VAT on food, accommodation and attractions being cut to just 5%.

What a difference! Just weeks ago, our coastal towns were silenced under the UK-wide lockdown and now life is coming back to some of the nation’s favourite seaside resorts, albeit with a few caveats.

The government has recently announced that UK holiday sites will benefit from a temporary 5% reduced rate of VAT.

There have been a number of significant changes in recent weeks, as shops and businesses begin to make the slow return to a “new normal” as lockdown eases. 

To support businesses most affected by the COVID-19 crisis and subsequent UK lockdown, the government has announced a temporary adjustment to VAT rates for the hospitality, hotel and holiday accommodation sector from 15 July 2020 to 12 January 2021.

A survey carried out before and during the COVID-19 pandemic suggests that most companies which were planning to export or trade overseas cancelled or delayed their plans due to the pandemic.

As the nation faces one of the most challenging times in decades, the government have made changes to the statutory compliance duties of businesses to ease the burden. We have summarised these updates below.

As lockdown eases across England, the government has issued further guidance and support for pubs, cafes and restaurants that are able to open and operate safely. 

In early June, HM Revenue & Customs (HMRC) announced that firms that failed to cancel their direct debit in time and payment was taken may be eligible for a refund.  

VAT on food, accommodation and attractions is to be cut to just 5% as one of the headline measures set out today by Chancellor, Rishi Sunak.

As companies across the country have transformed following the Government’s advice for us all to work from home wherever possible, many have asked how we’re planning to do the same at Duncan & Toplis.

Many businesses have started reopening and employees are gradually returning to the workplace but they are doing so in a new environment which requires them to adhere to social distancing and hygiene guidelines to stay COVID safe.

From business rates holidays and grant funding to the simplification and cost reduction of licenses, the government have introduced several support measures to help businesses in the retail, hospitality and tourism sector negatively impacted by COVID-19.

Updated 24.06.2020:  Ever since the first case of coronavirus in the UK, schools have faced a great deal of uncertainty. When the decision was finally taken to close schools to all but vulnerable children, and those of key workers, questions immediately turned to funding.