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Coronavirus has changed life for everyone

14.05.2020

Business

For over ten weeks, most of us have been told to stay at home. The lockdown has forced many businesses to grind to a halt and most of us find ourselves faced with extraordinary levels of emotional and financial pressures.

 

We're listening to, and supporting, our clients more than ever. 

 

There are many positives to be seen during this crisis. Nurseries have been giving plants to communities in return for donations to help them through difficult times and local retailers are diversifying their business activities successfully. 

 

We've helped our clients with their cash flow projections, business interruption scheme loan applications with up-to-date accounting data to hand, successfully lodged furlough claims with HMRC and helped clients defer their tax liabilities to assist with their cash flow.  We've also supported our clients with claims under the self-employed income support scheme.    

 

The furlough scheme has been extended for another four months but the Chancellor will need to regularise Britain’s finances somehow.  This is going to be a difficult job when less Income Tax and National Insurance is being collected on salaries, Corporation Tax on profits generated, Stamp Duty Land Tax (SDLT) on properties purchased and Capital Gains Tax on assets sold.

 

The Chancellor has already hinted that National Insurance paid by the self-employed could rise but should SDLT be scrapped to revive the housing market?  Will Rishi consider the introduction of a wealth tax or should lifetime gifts be subject to an immediate tax charge? Could Income Tax rates rise to levels seen in the post second World War years and should taxes on capital gains realised be increased?     

 

The lockdown is being eased and we are transitioning into a different world. 

 

If you are concerned about the cash flow of your business, managing tax liabilities or possible changes to capital taxes, call us on 01223 810100 for friendly help and support - we are very good at listening!

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