COVID-19’s Impact On Business And The Economy
The headlines today are about business and the economy being in recession for the first time in 11 years and the UK suffered its biggest slump on record between April and June as coronavirus lockdown measures pushed the country officially into recession. The economy shrank 20.4% compared with the first three months of the year.
This is not really a surprise to anyone as household spending dived as shops were ordered to close, while factory and construction output also fell.
There is some good news – The Office for National Statistics (ONS) said the economy bounced back in June as government restrictions on movement started to ease. On a month-on-month basis, the economy grew by 8.7% in June, after growth of 1.8% in May. We do expect growth to continue although some sectors of the economy will not recover as fast as others. It will take time for the retail and hospitality sectors to get anywhere near where they were in March.
For all of us in business now is the time to be flexible and resilient with planning forward. Some of our clients have already repurposed their businesses and pivoted into new areas, these businesses are now seeing signs of recovery and what is clear to us is the need to take time to think about new ways of doing business. Please talk to us about our planning resources to help you think about your future, we are here to support you!
HMRC: Live Webinars On Job Retention Scheme And Statutory Sick Pay Rebate Scheme
Extension to the Coronavirus Job Retention Scheme and flexible furloughing
HMRC will provide an overview of the scheme, including flexible furloughing, examples of how to work out the amount you can claim, and the changes due in September and October.
If you haven’t been able to join HMRC webinar about the Coronavirus (COVID-19) Statutory Sick Pay Rebate Scheme, more dates have now been added. Get the latest information on:
- who can claim
- who you can claim for
- how to make a claim
- what you may be entitled to, and more.
Guidance For Companies House Customers
Companies House has updated its guidance on sending documents to them by electronic upload.
You can use this service to file certain documents online that would usually be sent to them in a paper format.
Only limited companies and limited liability partnerships (LLPs) can use this service.
Read the guidance to find out which documents you can file using this service.
This interim service has been created to enable paperless filing in response to the coronavirus (COVID-19) outbreak.
You will need:
- the completed document or Companies House form
- to save the completed document to the device you are using
- the company authentication code (for some document types)
There are some documents that need to include supporting evidence.
For more information see: Upload a document to Companies House
Please talk to us if you need help in filing documents at Companies House.
England-Dairy Response Fund 2020
The Dairy Response Fund 2020 provides support to eligible dairy farmers in England who produce cows’ milk. They can apply for a one-off payment.
Since the start of the coronavirus outbreak, the dairy industry has faced challenges of excess milk, falling prices, and reduced demand from the hospitality sector.
Defra has set up a fund to help those dairy farmers most in need in England overcome the impact of the COVID-19 outbreak.
The funding will help support dairy farmers who have seen decreased demand for their products as bars, restaurants and cafes have had to close.
The fund will be administered by the Rural Payments Agency (RPA).
The application deadline for the Dairy Response Fund has been extended. RPA must receive applications by midnight on Friday 11 September 2020.
Courts And Tribunals Planning And Preparation
This page provides advice and guidance for all court and tribunal users during the COVID-19 outbreak and will be updated when new advice is available.
Get In Touch With Maple Accountants:
Unsure about the financial future of your business? Contact us today for advice and guidance. Don’t forget to check our blog for the latest news on business and the economy, financial assistance or steps on how to better manage your company.