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NEW YEAR. NEW LOCKDOWN. THE WAY FORWARD

5 January 2021

Well, we hope you all enjoyed your respective festive breaks – albeit probably rather different ones to usual – and now we’re all back to the harsh reality of Lockdown 3.

Obviously the impact for many businesses will be considerable. And right now, this is compounded by businesses in many sectors trying to get to grips with the implications of the Brexit deal (incidentally, we’ll also be providing the latest updates on all things Brexit, VAT and Customs related over the coming weeks).

On the back of the latest national lockdown, announced on the evening of 4 January, Rishi Sunak has released details of one-off grants that will be available for businesses in the retail, hospitality and leisure sectors. The grants will be worth up to £9,000 per property, depending on the rateable value. Our “rents and rates” page provides more detail. The Chancellor underpinned this latest news by stating that he was ‘committed to protecting jobs and supporting businesses.’

Don’t forget that this new measure is on top of the announcements on 17 December?

  • The coronavirus job retention scheme (CJRS) has been extended until 30 April 2021 rather than 31 March 2021. The government will continue to pay up to 80% of the employee’s wages for hours not worked, with employers paying national insurance contributions and pension contributions. These terms will no longer be reviewed in January, when it was originally thought employers could be asked to contribute towards wages as well. See our “people” page for more details on the CJRS.
  • Businesses will also have until the end of March to access the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and the Coronavirus Large Business Interruption Loan Scheme. These had been due to close at the end of January.
  • Next year’s Budget date has also been set, on 3 March 2021. Changes to Capital Gains Tax have been widely anticipated to be announced. However, this date has been pushed back before, and in the light of the third national lockdown being announced, could this happen again? We’ll keep you informed and let you know what this might mean for you, when we have more information.

So, whilst it appears to be a constant flow of challenging news for business, the prospect of a roll out of both the Pfizer and Oxford/AstraZeneca vaccines is proof that there is light at the end of this seemingly endless tunnel.

As we have done since March last year, if you have any questions on any of these themes, our specialists are happy to pick up on them with you. Please get in touch here.

PEOPLE. RETAINING YOUR MOST VALUABLE ASSET

Read about the new Job Support Scheme. As the furlough scheme ends, so another new chapter begins.

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VAT, STAMP DUTY, CUSTOMS AND INTERNATIONAL TRADE SUPPORT

Covid-19 VAT reliefs. We also cover International Trade support offered by the DIT and UK Export Finance.

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BANKS & GOVERNMENT SUPPORTED LOAN SCHEMES

How should I approach my bank to manage my debt facilities, and how do I access the recently announced government loan schemes.

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FREE UP CASH - HMRC HELP

Tax can play a significant part in generating much needed cash.

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HELP FOR INDIVIDUALS AND THE SELF-EMPLOYED

Income tax self-assessment payments due on 31 July 2020 will automatically be deferred. We’ve summarised here the key impacts on individuals.

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HELP WITH COMMERCIAL RENTS & BUSINESS RATES

Every business will be impacted by COVID-19, read about the help announced with rent and business rates.

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FINANCIAL REPORTING DURING THIS CHAOS

Are you struggling to file your accounts on time?

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TECHNOLOGY & REMOTE WORKING

As businesses embark on “the world’s biggest work-from-home experiment”, everything we kicked about in our recent ‘Powering up your Digital Culture’ rings so true. There are 3 key themes (and great practical tips) that every business should consider. Right now.

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LEADING IN UNCHARTED WATERS AND LOOKING AFTER YOUR PEOPLE

In these times, working together has never been more important. Or business critical.

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YOUR PERSONAL FINANCES

Don't let worries about your money keep you up at night. Seeking proactive advice is key.

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PODCASTS & WEBINARS

Catch up on our latest podcasts & webinars here

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YOUR COVID-19 COLLABORATION TEAM

Meet the COVID-19 Taskforce

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The guidance on these web pages has been provided for general information only and has been prepared from a variety of sources which have not been verified by Cooper Parry. Government and Treasury guidelines are changing rapidly as the overall response to COVID-19 develops and our guidance is based on information available at the time of writing.  Cooper Parry specifically disclaims any liability for any loss, damage or expense of whatsoever nature which is caused by your reliance on the guidance.

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