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April 2020

Amending accounting periods to get earlier tax relief

 One obvious effect of the current situation is that businesses of all types (not just companies) are likely to be loss-making or at the very least have significantly reduced profits

THE PORTAL FOR FURLOUGHING WORKERS OPENS ON 20TH April 2020

HMRC will launch their Coronavirus Job Retention Scheme (CJRS) portal on the week commencing 20th April. HMRC Chief Executive Jim Harra accompanied this announcement with the following details for tax agents: 

More help for national and local charities working on the front line.

Following much pressure from the sector and MPs, the Government announced more financial support for Charities during these unprecedented times.  

COVID-19: OPTIONS AND PROTECTION AVAILABLE TO COMPANIES IN DISTRESS

Directors will naturally be concerned as to their conduct during the current pandemic. Trying to do the right thing by the company’s employees, customers, suppliers and other stakeholders whilst ensuring ongoing compliance with their fiduciary duties will be challenging, however, changes are being made to the insolvency regime to provide directors with breathing space to explore their options, whilst protecting them from risk of personal liability.  

COVID-19: INSOLVENCY MEASURES & THE PRACTICAL IMPLICATIONS

The Government announced on 28 March 2020 new insolvency measures to support businesses under pressure as a result of the coronavirus pandemic. Below, we explore below the proposed amendments to insolvency law and some of the other practical implications that have arisen due to social distancing guidance.