August Covid-19 Latest Business Update

26 August 2020
business during covid

The new normal has introduced new language such as “Summer staycation”

Many of us are holidaying in the UK as families decide to avoid the risk of foreign travel.  We must not forget the opportunity to relax with those we love most is vitally important to our physical and mental wellbeing. So whatever your situation we hope you have had or are planning some kind of break from work and that you come back refreshed and ready for new challenges!

And don’t forget it’s the last week of 50% off through “Eat out to help out”!

Here is our latest business news on Covid-19 Government grants and supports and we start with some startling statistics.

 

HMRC Latest Data

The latest statistics from HMRC about the Coronavirus Job Retention Scheme (CJRS), the Self-Employment Income Support Scheme (SEISS), and the VAT payments deferral scheme show that:

The CJRS total number of furloughed employees was 9.6 million with 1.2 million employers using the scheme and the total number of claims made is £34.4 billion. The scheme runs until 31 October. Please contact us about estimating, collecting data on employees or HMRC compliance and rules, we have the tools and are happy to help you with these claims.

The SEISS data shows that Tranche 1 claims totalled 2.7 million people and this totalled £7.8 billion.

Tranche 2 Claims opened on Monday 17 August and if you need assistance please contact us.

The VAT payments deferral scheme was launched on 20 March 2020. Statistics show that on the three filing dates ending 7 April, May, June approximately 40% of all businesses eligible for the deferment did so. The total amount of deferred VAT amounted to £27.5 billion.

See: GOV.UK HMRC Coronavirus Statistics 

Clearly these are vast sums and if you have taken advantage of Government support, it is now essential to plan for their ending and a return to running your business without them. Please talk to us about planning forward and taking actions, we have considerable experience in helping our clients adjust, repurpose and pivot into new areas. We also help many of our clients with cash flow planning which will be critical as we enter the latter part of the year.

 

HM Revenue and Customs building

 

CJRS – Download A Template If You’re Claiming For 100 Or More Employees 

HMRC has released an updated excel template in XLS. and similar formats for employers with more than 100 employees. We also have a flexible furlough employee data collection spreadsheet for clients with under 100 employees and is available by contacting us. This can be used to estimate a claim in advance.

The HMRC version for over 100 employees can be found at: GOV.UK Claiming For 100 or More Employees Template 

 

The Government Actuary’s Department (GAD) Kickstart For Film And TV Productions

The Government Actuary’s Department (GAD) has helped to deliver a project which is providing £500m to the UK film and TV industries adversely affected by COVID-19.

The new ‘Film and TV Production Restart Scheme’, set up with the help of modelling and actuarial expertise provided by GAD, is set to help jumpstart productions.

 

Insurance Issues

The UK’s film and TV production sectors support more than 180,000 jobs and contribute more than £12 billion a year to the economy. However, the coronavirus global pandemic has led to severe problems for all aspects of production.

The extensive effects of lockdown and social distancing meant domestic production and filming projects were not able to get adequate insurance, so filming was halted or could not begin.

 

New Scheme

In this 2-month long project, GAD worked with the Department for Digital, Culture, Media and Sport (DCMS) to create a compensation fund which complements commercially available insurance schemes so that cover is complete.

If you are in this sector please see: GOV.UK Kickstart UK Film and TV Productions  

 

Image of camera on a film set

 

Travel Corridors-List Of Countries And Territories From Where You Can Travel To England And May Not Have To Self-Isolate

You may not have to self-isolate when you arrive in England if you are travelling from one of the countries or territories listed on the website below. That is because these countries and territories are either:

  • covered by the travel corridor exemption
  • within the common travel area – Ireland, the Channel Islands, the Isle of Man
  • British Overseas Territories

 

You would need to self-isolate if you visited or made a transit stop in a country or territory that is not on the travel corridor list in the 14 days before you arrive in England.

This applies to all travel to England, by train, ferry, coach, air or any other route.

The list of travel corridors changes regularly so please keep an eye on: GOV.UK Travel Corridors 

 

Two women in airport due to travel corridors, wearing covid masks

 

Guidance On Making Wills Using Video Conferencing  

The Government is introducing legislation to allow people to use video-conferencing technology for the witnessing of wills being made.

The legislation recognises that:

  • An increasing number of people have sought to make wills during the Covid 19 pandemic, but for people shielding or self-isolating it is extremely challenging to follow the normal legalities of making a will – namely it being witnessed by two people.
  • In response to this the law (the Wills Act 1837) will be amended to state that whilst this legislation is in force, the ‘presence’ of those making and witnessing wills includes a virtual presence, via video-link, as an alternative to physical presence.

 

The legislation will apply to wills made since 31 January 2020, the date of the first registered Covid-19 case in England and Wales, except:

  • cases where a Grant of Probate has already been issued in respect of the deceased person
  • the application is already in the process of being administered

 

The legislation will apply to wills made up to two years from when the legislation comes into force (so until 31 January 2022), however this can be shortened or extended if deemed necessary, in line with the approach adopted for other coronavirus legislative measures. The advice remains that where people can make wills in the conventional way they should continue to do so.

See: GOV.UK Guidance on making wills trough video conferencing 

 

Elderly couple discussing their will on video conference

 

Get In Touch With Maple Accountants:

Unsure about the financial future of your business during COVID-19? Contact us today for advice and guidance. Don’t forget to check our blog for the latest business news, financial assistance or steps on how to better manage your company.

Maple Accountancy is a firm of expert Business Advisors offering accountancy services, tax and business advice to owner-managed and family-owned businesses.

All clients are individual, and we tailor our service to your needs. Use the site to find out what makes us different and understand why you should appoint us.

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01332 207336

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020 7127 0649

Contact

Maple Accountancy Ltd.

83 Friar Gate
Derby,
DE1 1FL

01332 207336
success@maple.uk.com

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