Watson Knipe Blog

From first January 2021, there will be new trade arrangements with the EU. Businesses that are registered in Great Britain and trade with the EU and internationally will need to take action so that they are ready for this change.

It's been a while since we have written an update about Making Tax Digital, however, there has been some recent news which we wanted to share with you.

Since the start of the Coronavirus pandemic, the Government has offered support to businesses through several different routes these being, grants, business rate reliefs and also loans with the help of banks.

At the start of the Coronavirus lockdown, the Government announced that they would offer financial support to self-employed businesses that were adversely affected by the pandemic.

There are two main areas that landlords need to be aware of in the coming months. Following lockdown, the lettings market has picked up and good quality properties are being let quickly. This is good news for the industry as a whole.

In our last blog – Tips on managing cash flow – we explained the importance of keeping track of cash flow over the coming months. For many businesses, the most common problem is late payments from customers.

Over the coming months, all businesses will need to keep an eye on cash flow as they recover from the Coronavirus pandemic. They say, 'Cash is King', and this is more important now as we move forward over the next 12-18 months.

As part of the summer statement, Chancellor Rishi Sunak spoke about his plans to create and protect jobs. The 'Plan for Jobs' is a phased plan to help with the economic recovery of the UK.

The government has announced that the Coronavirus pandemic has severely impacted the hospitality and tourism sectors. Therefore, a range of measures was announced by Rishi Sunak on 8 July 2020 which relate to protecting jobs in the sector and also help economic recovery by encouraging people to go out to eat and visit attractions.

Chancellor Rishi Sunak announced a mini-budget on 8 July 2020. This summer statement aimed to outline how the government plans to help businesses to recover following the COVID-19 pandemic. Part of the plan includes helping people to stay in employment and also to create new jobs.

As you know, lockdown is now easing, and in July some businesses such as retailers, hairdressers and restaurants will be re-opening gradually. If you usually work in an office environment, you may be able to go back to work there if you can do so safely.

As lockdown eases, you may be returning to work at your shop, office, restaurant or studio. If you have employees, then your first priority will be ensuring that they can return to work safely and that you can start to interact with customers in a safe environment.

On 1 June 2020, some new regulations came into force regarding electrical safety standards for the private rental sector. These regulations are being enforced to improve the standard of safety of all properties in the rental market. 

On 26 May 2020, the Coronavirus Statutory Sick Pay Rebate Scheme portal will open so employers can make a claim. This blog explains how you can find out if you are eligible and how you make a claim.

There is currently a lot of support being offered to businesses to help them during the Coronavirus Pandemic. Companies with employees can furlough their staff and receive 80% funding towards their salaries. Self-employed businesses are also able to apply for the self-employment income support scheme.

As you know, the Self Employment Income Support Scheme was launched in March to help self-employed businesses and freelancers. The scheme was designed to support self-employed businesses during the Coronavirus pandemic, especially those that have not been able to trade during this period.

On 20 March 2020, the Chancellor Rishi Sunak first announced the Coronavirus Job Retention Scheme. This is being set up to help businesses cover wages for employees on temporary leave ('furlough') due to coronavirus (COVID-19).

On 26 March 2020, the government announced that they would be providing financial support for self-employed businesses that have been affected by the Coronavirus outbreak.

Over the past few weeks, there has been a lot of guidance issued by the government. This is to help individuals, businesses and landlords that have been affected by the Coronavirus Outbreak.

Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech, he stated ‘we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future’.

We have written about this before, but we wanted to remind you about the changes to Capital Gains Tax if you are planning to sell a second property after April 2020. This is particularly important for all landlords and property investors who regularly buy and sell properties.