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Responding to the impact of COVID-19

The impact of COVID-19 is far reaching, we'll be providing you, your charity and your business with regular updates to help you manage during these uncertain times.

Latest update: Chancellor unveils three further support measures for businesses

22 October 2020

The past few weeks have been increasingly difficult for an economy that is struggling in the face of a resurgent COVID-19 pandemic.  The increased restrictions in Tier 2 and, particularly, Tier 3 areas will have huge implications for local inhabitants and businesses. And there has been widespread concern that the measures announced by the Chancellor on 24 September would not be sufficient to prevent widespread economic damage.

It’s therefore encouraging that significant further financial support has been announced by the Chancellor today.

The Job Support Scheme (JSS) and Self-Employed Income Support Scheme have both been considerably enhanced, with government contributions increasing for both schemes and employers’ contributions to the JSS being reduced to 5%.

The Chancellor has also announced grants of up to £2,100 per month for businesses in the hospitality, accommodation and leisure sectors who may be affected by restrictions in high-alert (Tier 2) areas. These come on top of previously announced grants for businesses in Tier 3 areas.

These changes have been widely welcomed, and the government’s willingness to extend its support as circumstances change should be applauded.

As in September though, the question is: ‘will this be enough’?

About the author

Alastair McQuater

+44 (0)20 7556 1427
mcquatera@buzzacott.co.uk

Latest update: Chancellor unveils three further support measures for businesses

22 October 2020

The past few weeks have been increasingly difficult for an economy that is struggling in the face of a resurgent COVID-19 pandemic.  The increased restrictions in Tier 2 and, particularly, Tier 3 areas will have huge implications for local inhabitants and businesses. And there has been widespread concern that the measures announced by the Chancellor on 24 September would not be sufficient to prevent widespread economic damage.

It’s therefore encouraging that significant further financial support has been announced by the Chancellor today.

The Job Support Scheme (JSS) and Self-Employed Income Support Scheme have both been considerably enhanced, with government contributions increasing for both schemes and employers’ contributions to the JSS being reduced to 5%.

The Chancellor has also announced grants of up to £2,100 per month for businesses in the hospitality, accommodation and leisure sectors who may be affected by restrictions in high-alert (Tier 2) areas. These come on top of previously announced grants for businesses in Tier 3 areas.

These changes have been widely welcomed, and the government’s willingness to extend its support as circumstances change should be applauded.

As in September though, the question is: ‘will this be enough’?

Businesses

Businesses

Winter Economy Plan update: helping employers determine their next steps - Last updated 22 October

Releasing cash and have struggled to access government loan schemes so far? - Last updated on 19 May 2020.

The latest HR updates for employers - Last updated on 8 July 2020.

Accessing support through the Coronavirus Job Retention Scheme - Last updated on 8July 2020.

R&D tax credits can help you as a reliable cash source during COVID-19 - Last updated on 4 May 2020.

The FCA reinforces its message - Last updated on 20 April 2020.

Opportunity out of adversity - our Corporate Finance team are sharing insights and have hosted Midday on a Monday webinars to keep businesses aware of how they can continue to grow in the current environment, including advice on the Coronavirus Business Interruption Loan Scheme, forecasting, acquisitions, cashflow and more.

The impact of COVID-19 on employee benefits - Last updated on 20 April 2020.

Employers’ pension obligations during COVID-19 - Last updated on 17 April 2020.

FCA statement on SMCR - expectations of solo-regulated firms - Last updated on 7 April 2020.

No VAT or duty on imported medical supplies for COVID-19 - Last updated on 2 April 2020.

COVID-19 business support schemes - Last updated on 2 April 2020.

The FCA’s expectations on financial resilience - Last updated on 30 March 2020.

Optimising VAT to minimise the impact of COVID-19 - Last updated on 27 March 2020.

Is your small business eligible to receive a government grant of up to £25k? - Last updated on 25 March 2020.

Time to pay arrangements - Last updated on 22 March 2020.

Budget 2020 - The Chancellors fight back against COVID-19 - Last updated on 21 March 2020.

Not-for-profits

Not-for-profits

Winter Economy Plan update: helping employers determine their next steps - Last updated 22 October

The future of health and social care post COVID-19 - Last updated on 27 May 2020.

The latest HR updates for employers - Last updated on 8 July 2020. 

Accessing support through the Coronavirus Job Retention Scheme - Last updated on 12 May 2020.

The impact of COVID-19 on employee benefits - Last updated on 20 April 2020.

Employers’ pension obligations during COVID-19 - Last updated on 17 April 2020.

Government support package for frontline charities - Last updated 9 April.

COVID-19 emergency support funds - Last updated 9 April.

Charity and Not-for-Profit: Regulatory and Governance Update - in this series we outline the changes your charity or not-for-profit business needs to be aware of.

No VAT or duty on imported medical supplies for Coronavirus - Last updated on 2 April 2020.

Arts and culture VAT and Gift Aid update - Last updated on 2 April 2020.

Expanded Retail Discount Scheme now includes certain hereditaments operated by charities - Last updated on 27 March 2020.

Optimising VAT to minimise the impact of COVID-19 - Last updated on 27 March 2020.

New off-payroll working rules (IR35) deadline delayed to 2021 - Last updated on 18 March 2020.

Individuals
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