Our Response to Coronavirus (COVID-19)
With coronavirus (COVID -19) continuing to affect the operations of businesses and their employees, Anderson Anderson & Brown LLP and its associated entities want to make sure we are keeping our clients and other concerned parties up to date with developments implemented by the Scottish and UK governments, and how we are striving to help businesses and individuals in what ever way we can.
These are unprecedented times for the modern world, and whilst there will be difficulties, we’re here to offer guidance and support as your circumstances change. This page will serve as a hub of our COVID-19 responses which will be reviewed daily following on from official guidance and announcements. If you have any questions at all, please do get in touch with your usual AAB contact or our dedicated COVID-19 support team at covid19support@aab.uk.
Latest Client Communication
Latest Government Support Measures
The Government has announced a substantial emergency package to support the long-term survival of UK businesses. It is essential that businesses are aware of the support packages made available by the Government and that they obtain support quickly in order to minimise business disruption and to steer them through the impact of the COVID-19 outbreak. We've outlined the support measures for businesses announced by the Government and how we can provide support and guidance to get you the help you may need.
Please read our summary of the support available to businesses of different size, including sector specific support, and take a look at our update to find out how AAB can help you navigate through these uncertain times and give you peace of mind.
Scottish Business Resilience Centre Webinar Series
AAB has partnered with the Scottish Business Resilience Centre (SBRC) to participate in their webinar series aimed to unite Scottish businesses in the fight against the impact of COVID-19. Details of the webinars are listed below:
25 March: Proactive steps to take to protect your business, featuring AAB's Lyn Calder, Duncan Raggett and Chris Thompson. The webinar can be viewed here and AAB's slides can be viewed here.
30 March: COVID-19 from the perspective of the venture capital community, featuring AAB's Brian McMurray at the 45 minute mark. The webinar can be viewed here.
03 April: What businesses need to do to lead their company through COVID-19. AAB’s Jill Walker focused on the self-employed scheme criteria and what remains to be confirmed at 34 minutes and Charlotte Edwards discussed the furlough scheme at 41 minutes. The webinar can be viewed here.
07 April: Click here to register to the next SBRC webinar. AAB's Lyn Calder will be discussing how Covid-19 will impact the employed, Self-employed; the different schemes introduced by the Government and also insolvency.
Coronavirus Business Interruption Loan Scheme (CBILS)
The Coronavirus Business Interruption Loan Scheme (“CBILS”) was announced by the Government allows UK companies with viable businesses to respond to cash flow issues during the COVID-19 outbreak.
Following initial difficulties for many SMEs looking to access the Scheme, further guidance was published by the Chancellor on 3 April 2020. The expanded Scheme will be operational with lenders from Monday 6 April 2020.
Click here to find out more about CBILS and the eligibility critea of the scheme.
Job Retention Scheme
Friday 20 March saw the announcement of the Job Retention Scheme to protect jobs during the Coronavirus outbreak, with further updates announced on 4 April. Charlotte Edwards, Employment Taxes Senior Manager, discusses what has been announced so far and who is eligible.
Click here to find out more.
Changes to the Insolvency Rules
On 29 March the Government announced further measures designed to support businesses through the COVID-19 crisis. These included the welcome news that the wrongful trading rules will be relaxed from 1 March 2020.
Click here to read Duncan Raggett's update on the potential relieved pressure on personal liability for directors trading whilst insolvent.
Making Tax Digital Phase 2 Postponed
In light of the ongoing COVID-19 crisis, HMRC has decided to postpone the requirement for VAT registered businesses to digitally link their VAT return processes, from data source to VAT return (the so-called Digital Journey), until 1 April 2021.
Click here to read Alistair Duncan's update on what this means going forward.
Support for the Self Employed
The “Coronavirus Self Employment Income Support Scheme” was announced on 26 March following consultation between the Government and other agencies such as the TUC and Federation of Small Businesses.
We have produced a one page document of the key information you should be aware of. You can view this here, or click here to read our full update by Jill Walker.
Coronavirus – Practical Measures
On Monday 23 March, the Government announced a 3-week lockdown across the UK. Although this is daunting for business owners, the key is not to panic and to seek professional advice. We're here to help, and have outlined practical measures all businesses should be considering right now.
Click here to view the full update from our specialist COVID-19 team.
The Financial Impact of Coronavirus
Following on from the Chancellor’s update on 17 March, Duncan Raggett of AAB’s Restructuring & Recovery (R2) team offers guidance on how getting advice as early as possible is essential to businesses during these challenging times.
Click here to find out more about the services our R2 team can provide to businesses concerned about the financial impact of COVID-19.
Deferment of Tax Liabilities - Immediate relief for those affected by COVID-19
In addition to the new HMRC helpline offering financial support, it was announced on 20 March that HMRC is deferring Self-Assessment Payments on Account of Income Tax and VAT payments.
Click here to view Stuart Petrie and Alistair Duncan’s full update.
Please note, if you normally pay your VAT liabilities by direct debit, you should cancel your direct debit with your bank if you are unable to pay and wish to take advantage of the deferral. This should be done as early as possible.
Gender Pay Gap Reporting Suspension
As a result of the COVID-19 outbreak, it has been confirmed by the Government Equalities Office and the Equality and Human Rights Commission that there is a suspension to the gender pay gap reporting for 2019/20. Charlotte Edwards, Employment Taxes Senior Manager, discussed what this means for employers.
Click here to read Charlotte's full update.
Statutory Sick Pay
Following on from the government announcement on 20 March, Katy Christiansen, Employment Taxes Senior Manager, details the measures the government has taken to alleviate the pressure on businesses and to support employees with regards to Statutory Sick Pay, Universal Credit or Contributory Employment and Support Allowance.
Click here to read the full update.
Virtual Finance Functions
With the government currently encouraging workforces to work remotely where possible, Lauren Wilson, Business Advisory Services Manager, discusses the key challenges faced by finance teams working remotely, and the importance of having in place a virtual finance function (VFF) and cloud solutions.
Click here to read Lauren's update and find out more about how AAB's VFF service can help remove the need for office-based finance teams.
Modelling Risk and Opportunities in Upstream Oil & Gas
The double whammy of COVID-19 and a global oil price war is presenting what might be one of the upstream oil & gas sectors’ biggest challenges to date. AAB is ready to support upstream companies and acquirers with our unique oil & gas financial projections and economic modelling service.
Click here to find out more about how we can help.
IR35
It was announced on 17 March that the reforms to the off payroll working rules, IR35, have been delayed until April 2021. Charlotte Edwards, Head of IR35 at AAB, outlines what this now means for businesses that were preparing for the upcoming changes.
View Charlotte’s update here.
Expenses When Working From Home
Following the UK Government’s 3-week lockdown across the UK and the earlier measures introduced to try and address the COVID-19 pandemic, millions of individuals are now faced with the requirement to work from home. Charlotte Edwards, Employment Taxes Senior Manager, highlights the tax reliefs available on the increased expenditure for employees and ways in which employers can assist their employees who are required to work from home.
View Charlotte's update here.
Travel Bans Affecting Tax Residency?
With travel bans being implemented around the world, some employees may struggle to travel to their overseas place of work leading to complicated tax implications and questions concerning tax residency. Lynn Gracie, Private Client Tax Senior Manager, discusses ‘Exceptional Circumstances’ claims to HMRC and the updated guidelines announced on 18 March.
Click here to read Lynn’s full update.
HMRC’s Additional Phone Line
HMRC have set up an additional phone line to offer support to individuals and businesses who are feeling the financial effects of coronavirus (COVID-19).
Click here to find out more from Stuart Petrie about the support HMRC are offering and how to get in touch with them.
Office Closures
If you are shutting your premises because of COVID-19, then you should remember to inform your insurers that the buildings will be unoccupied for a period of time.
