The impact of the coronavirus pandemic has been felt across the UK, in almost every sector. As restrictions are eased in response to the falling number of hospitalisations and lower rates of infection, businesses can now look to rebuild and recover in the months ahead.

Throughout the pandemic, our team have worked tirelessly to support businesses, helping them to access financial support and restructure their business to reduce the economic impact of COVID-19.

Although the future is looking brighter, there is still a significant amount of uncertainty over what will happen in the coming weeks and months.

Full details of all the Government support that continues to be available at this time can be seen at the bottom of the page in the latest updates section.

However, If you require advice regarding any aspect of your businesses recovery or growth, please do not hesitate to contact us.

Implementing a holding company structure

A holding company is a separate parent company created to own a controlling interest in one or more subsidiary companies. A holding company doesn’t necessarily trade itself; its main purpose is to form a corporate group. One of the benefits of a holding company is that they can be used to ring-fence key assets in the holding company which may protect them from risks in other group companies.

We would be happy to offer a free consultation to those business owners who are worried about the effects of Covid-19 and would like to review the options available to them.

Check whether you can claim Research and Development (R&D) tax relief

R&D tax relief provides companies with the opportunity to claim generous tax savings for their innovative activities. The opportunities for making a claim are often overlooked however, with business owners overestimating the level of innovation required to claim. Projects qualifying for R&D relief include those seeking an appreciable improvement in science or technology. If the company is loss making and generates a tax refund from R&D activities, the company could also consider shortening its year-end to receive a refund from HMRC sooner than otherwise would be available.

Business Interruption Loan Scheme (CBILS)

The “Coronavirus Business Interruption Loan Scheme” whereby the Government will guarantee up to 80% of the value (up to £5m) of loans introduced is now available and will be interest free for the first 12 months. Please see our latest updates below to find out more about this.

Check whether you have maximised your Capital Allowance (CAs) claims

CAs are the mechanism by which tax relief is obtained on the depreciation of assets and equipment. Expenditure on acquiring, upgrading or fitting out property is one of many areas in which CAs could be available, and should be carefully reviewed to maximise potential claims. Claims are often done at a high level by less specialist accountants, with insufficient attention being paid to fully identifying and properly allocating qualifying costs. A more detailed review by a capital allowances specialist can result in significant additional tax savings.

Review ways of incentivising staff through non-cash methods

Commonly, staff are paid bonuses depending on their performance which is a relatively tax inefficient method of rewarding them. During the current pandemic cash will be king more than ever, therefore the business could consider giving staff share options in the business which would continue to motivate staff without adversely affecting cash flow. The most common type of share scheme is an EMI option scheme.

Business Insurance

Businesses could take out insurance which covers against illness/injury to key employees which would cover the financial loss to a business sustained by the loss of that person. Our team can offer advice on a huge variety of policies and ideas which can be tailored specifically to your situation.

Get help from HMRC if you’re struggling to meet tax payment deadlines

A Time To Pay arrangement allows businesses to make a formal arrangement with HMRC for tax payments to be spread over a longer period of time than they would otherwise be due in a more affordable fashion. TTP arrangements have been around for a while, however, the existing offering has been extended and therefore more support is available to businesses.

Revitalise your business with grants in Staffordshire

Are you looking to grow your business? There has never been a better time than now!

Staffordshire County Council and all the district and borough councils across Staffordshire are providing a £5 million support fund to support small and medium-sized businesses. Click here to read more.

Ranging from £5,000 loans and grants to fully-funded training to support you in growing your business, there are plenty of options available to you.

Client’s feedback

“I would like to congratulate you and thank your team for the proactive way you have prepared and delivered information and support to help guide Hayes through these difficult times”

“Just wanted to take the time to thank you and the team for all he support that you have offered us through out this period. You have taken the stress out of what could have been a very stressful situation trying to work out and navigate the furlough scheme so thank you. The efficiency, approach and communication strategy to this dilemma has been refreshing. Please pass our thanks on to the whole team.”