As the UK is starting to take steps towards “Business as usual”, here at Barrons we would like to let you know what we are doing to keep both you and our staff safe.
We now require you to let us know, in advance, if you are visiting the office, this includes dropping off/collecting records. When visiting the office for a meeting, parking boards will be set out, you will be met at the door and led to the meetings room. We have provided hand sanitiser for use when entering and leaving the building.
If you have any queries please contact Hannah Clay firstname.lastname@example.org, she will be happy to help with any enquiries.
New and significant reporting requirements were introduced 6th April 2020 where a UK resident individual is due to pay CGT on the disposal of a UK residential property.
A new standalone return will need to be filed online with HMRC, together with a CGT payment on account.
Both of these are due within 30 days of completion of the transaction.
Interest and penalties will be charged if the deadline is missed.
When Does This System Get Implemented?
As per previous updates, resultant from the Covid-19 pandemic, the Government delayed the introduction of this new regime with a “soft landing” approach for property disposals which fail to be reported in the first quarter, following the introduction of the new rules.
HMRC are allowing a period of time to adjust and will not issue late filing penalties for CGT payment on account returns received late; up to and including 31 July 2020.
For UK residents, this means transactions completed between 6 April and 30 June 2020 must be reported by 31 July 2020.
Transactions completed from 1 July 2020 onwards will receive a late filing penalty if they are not reported within 30 calendar days.
Interest will accrue if the tax remains unpaid after 30 days.
Do You Need Assistance?
Individuals who have recent sold or are intending selling property must be aware of the new rules.
You are advised to seek timely advice on your position in order to meet the new obligations.
This is even more important now that the “soft landing” approach from HMRC has ended.
Disposals made after 1st July 2020 will need to be reported with 30 days of completion, with tax to be paid at the same time.
As undoubtedly you are more than aware, the business world faces a new crisis – a global pandemic.
Whilst the general safety of the public and your staff at this time will be of paramount importance to you, you are likely to be confronted with
many additional challenges as a business leader; and
you will want to be proactively identifying and managing the maximum possible reduction of financial and operational risk at this time to protect your business as far as you are able
All organisations will be seeking means by which they can continue to operate in a marketplace of uncertain and (perhaps dramatically) reduced demand and still be able to pay staff, supply chains and the wider chain of stakeholders in your business, such as Banks and financial institutions.
What follows is an initial list of considerations and advice that Barrons feel might assist you to help sustain and maintain your business operations. It is not expected to be an exhaustive list, different industries and sectors will be facing quite different challenges, more we are seeking to assist you in considering the opportunities that are available to you to best position your business at this time.
Business Planning and Short Term Funding Requirements
First and foremost, do you know what might happen to your business if demand reduces swiftly and for a sustained period?;
Are you clear upon your current break even level – and have you considered means by which you might be able to reduce the same if your assessment of demand indicates a shortfall;
How long can your cash resources within current facilities support a downturn?
Do you operate a rolling 90-day forecast?
Have you instructed your accounts team to protect cash as far as possible;
Have you considered the need to enter into Crown Time to Pay arrangement as a means of protecting short term cash demands;
Have you put in place a “lockdown” on short term, non-urgent expenditure and / or investment
And remember, things are changing rapidly, often by the hour, and you need to try to free time to re-assess and re-appraise business positioning
Here at Barrons, we want to try to be the trusted adviser and business confidante to help you through the coming challenges to you personally and your business generally:
PLEASE do not fall into the trap of leaving important decisions too late; take definitive and decisive action as soon as you are able;
We know costs have to be contained and managed sensibly, this is not a marketing campaign
As we have always strived to, we will work with you and support however your business needs at this time to try to secure the future;
Our focus is upon doing the most we can for you at this time:
We have extensive experience and expertise at hand;
We have moved quickly to free a team of specialist advisers to help and support you, full details of each are supplied at the end of this communication.
Business Continuity Planning
Do you have a robust plan in place to ensure that
If you are ill, there is someone else that is designated to take control and management of the business;
You are able to maintain business as usual should parts of your workforce fall ill or be in self-isolation;
Have you considered the impact of temporary loss of (key) staff especially
Have you considered the need to communicate with key stakeholders?
If you are likely to confront cash issues, communicate with your financiers as early as possible.
Barrons has established long term relationships with lenders having put forward many proposals.
We are able to draw upon our pool of expertise on your behalf, thus have the ability to negotiate with a full understanding of their requirements to secure banking facilities.
Government Support for Business
The Government has outlined some initiatives to assist with business through this period, however, they have not provided specific details as to how and when they will be available.
a statutory sick pay relief package for SMEs;
a Business Rate Relief for small businesses and pubs;
small business grant funding of £3,000 for all business in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief;
the Coronavirus Business Interruption Loan Scheme to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance;
the HMRC Time To Pay Scheme
Barrons will continue to monitor the above and update you when they become available
Have you a robust “working from home” policy
Review your working from home policies to ensure they are fit for purpose
For example, are you still able to operate all online banking facilities if you or your accounts team are operating from a home location?
Do staff need access to laptops or IT support?
Have you asked staff if they are able to connect to key IT systems from home?
How will cybersecurity be maintained and backups protected?
Establish a communication channel for staff to use through the pandemic eg WhatsApp Group
Are you minimising the risk of spread of the infection
Are your staff aware of the self-isolation requirements
Are all offices and premises being regularly sanitised in common and public areas
Are others that you depend upon experiencing unexpected issues that will affect continuity of trade?
Are suppliers robust and are they able to display a continuity policy that you can rely upon?
If the supplier chain fails, are you familiar with key contract provisions and your rights?
Barrons has a relationship with IT providers who are willing to assist businesses by hiring equipment to facilitate working from home, including a substantial discount on laptop rentals.
Please contact us should you require this service
Barrons has a COVID-19 Business Continuity Plan to try to ensure we can maintain operations, service and support functions at all times
This plan will be executed in the event of any office closures or social distancing policies
Our team of senior managers and key department heads are being updated daily, and we are working hard to ensure you receive the best level of service we can provide while adhering to any governmental emergency measures
Should schools close, or the government ask people to work from home, we believe that our entire team have the right mobile working and technology to enable them to do so
Your safety and the safety of our staff is our main priority. We are encouraging our Team to minimise unnecessary travel and to conduct meetings remotely where possible
Barrons Team Members – Bespoke Advice for Individual Problems
Aside from your usual Partner contact, we have dedicated personnel throughout our organisation to assist with your enquiries and concerns
Fancy coming to watch Barrons alongside a host of other business raise money for Havens Hospices?
Barclays v Southend Business Professionals Charity football match – Thursday 16th May 2019, gates open at 17:30
Local businesses come together in support of Havens Hospices to raise much needed funds. Please come and support on the night by cheering on your chosen team and take part in activities including:
Ex Blues players will be providing their support on the night
Donation entry on the Gate. All monies raised will be in support of Little Havens and Fair Havens. Food & drinks will be available in the stadium. We do hope you can join us and support us in making the evening a great success.
Barrons are delighted to announce that they have increased their service offering and are now a licensed practice able to offer ATOL reporting work and certification.
The ATOL Reporting Accountants’ scheme has been developed by the CAA in order to help improve the standard of ATOL reporting and to provide assurance that financial information which is submitted on behalf of ATOL holders is accurate. The scheme is designed to ensure that designated accountants of participating bodies are sufficiently knowledgeable about both the industry and specific requirements of ATOL to provide the required assurance needed by the CAA.
If you would like to speak to us to discuss your requirements in this area we would be delighted to explain our service and answer any questions you may have. Please contact our audit and statutory services Partner Russell Tillbrook on 01702 481910 or by email on email@example.com for more information.