Returning to the workplace post lock-down

21.05.20

It is unlikely that you will be able to return to your normal working practices quickly. How that actually looks will differ from company to company, so it is important to start thinking long term and shape your new normal. There are certain areas that you need to plan carefully before implementing any changes. This…

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Not for profit VAT update for Coronavirus

14.05.20

Coronavirus VAT changes Several VAT relaxation measures have been implemented by HMRC to reflect the current Coronavirus pandemic. If you are a UK VAT-registered organisation and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to: defer the payment until a later date, or pay the VAT…

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The Coronavirus job retention scheme: extension to October 2020 and other changes

12.05.20

The Chancellor has announced an extension of the furlough scheme. The key details are: The end date of the scheme has been extended from 30 June 2020 to 31 October 2020 – providing eight months of support in total from the start date of 1 March 2020. No changes will be made to the scheme…

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What do employers do when furlough ends?

05.05.20

When furlough ends and lockdown restrictions are lifted, in an ideal world, one might expect employees to return to a full normal workload again. The reality, however, is more likely to be that employees return but their workload only slowly returns to normal over a longer period of time. Employers taking advantage of the furlough…

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Coronavirus: new 100% government-backed bounce back loan scheme

29.04.20

In another measure designed to ease pressure on businesses affected by the Coronavirus crisis and keep small businesses operating, the government announced on 27 April a new 100% government-backed loan scheme for small and medium businesses. Eligible businesses will be able to borrow between £2,000 and £50,000 Loans will be interest-free for the first 12…

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Coronavirus Media Business Outlook Survey – results

29.04.20

We recently requested senior management and owners of media businesses to share their thoughts on how Coronavirus will impact the future financial prospects and staffing requirements of the media industry, as well as to what extent they have made use of the government support available. We are delighted to share our results with you. Furthermore,…

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FT: APA survey reveals economy faces critical challenges over next 12 weeks due to Coronavirus

29.04.20

The Association of Practising Accountants has surveyed over 880 owner-managed businesses across the UK. The analysis shows that the next 12 weeks will be critical to the survival of many of them. A third of these businesses have seen turnover reduce by 70% since the lockdown and more than half have less than 12 weeks’…

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Government support for fast-growth startups who are affected by Coronavirus

23.04.20

The government has announced a new scheme, launching in mid-May, to support fast-growth companies affected by the Coronavirus who may not be eligible for the Coronavirus business interruption loan scheme – namely, those not profitable enough to support repaying a loan. The scheme, called the future fund, is aimed at venture capital-backed start-up and scale-up…

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Mitigating the impact of Coronavirus on earn-outs

22.04.20

Many shareholders of marketing services and media businesses will be familiar with the concept of an earn-out in the context of a company sale. An earn-out arrangement involves the buyer paying a certain percentage of the overall deal value at completion, with the remainder due to be paid over a period of time. Normally, this…

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Charity SORP COVID-19 update

20.04.20

During these unprecedented times, trustees and management must consider the impact of the COVID-19 virus pandemic on their charitable organisations and their reporting within their financial statements. Alongside a wide range of supporting documentation issued by the Charity Commission and sector bodies, the SORP Working Party (the body responsible for amending and updating the FRS…

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