The UK has left the EU and with the transition period coming to an end on 1st January 2021, it’s more important than ever, that businesses focus on planning for the impact that Brexit will have on their future.
Ministers have announced new grants for businesses affected by local lockdowns. Businesses in England that are required to shut because of local interventions will now be able to claim up to £1,500 per property every three weeks.
The government has announced £20m of funding as part of their drive to boost the recovery of the economy and provide small and medium sized enterprises (SMEs) help to adapt their businesses following the Coronavirus pandemic.
The Kickstart Scheme is a £2 billion fund to incentivise the creation of hundreds of thousands of quality 6-month work placements for young people aged 16-24, who are claiming Universal Credit. Businesses of any size looking to recruit young people can apply.
HM Revenue & Customs has published new guidance for those who self-employed or a member of a partnership and having a new child affected their trading profits or total income reported for the 2018/19 tax year and it affected their entitlement to the Self Employed Income Support Scheme (SEISS).
Where employees are entering or returning to the UK they may be required to quarantine for 14 days. If an employee is unable to work during this period, they may not qualify for Statutory Sick Pay. If employees are unable to do their job from home, they may need to take additional annual leave to cover the 14 days of self-isolation. However, employers are under no obligation to accept the request for additional annual leave so some may be rejected.
As restrictions ease, workplaces begin to open up again and with the winding up of the Coronavirus Job retention Scheme (which ends on 31st October 2020) many businesses are now having to turn their minds to considering various options to help keep their businesses profitable and on track. In collaboration with KBL Solicitors we have set out some of the options and legal considerations businesses will face when dealing with a reduction in trade and staffing requirements.
Although lockdown restrictions are beginning to lift many businesses will continue to be impacted by COVID-19. Moving online can have benefits for both the short and long term, particularly for businesses who depend on a physical location to operate from or their main customer base does.
Outside of the dreadful human cost, COVID-19 has brought immediate, dramatic and unprecedented challenges to the activity and outlook of the region’s businesses. Initial focus has rightly been crisis management, people and cost management, as well accessing central government support however there has been a discernible change in tone in recent weeks as to when and where the recovery will come.