As the prime minister returns to office and announces that we are finally (hopefully) over the peak of the virus, individuals and the business community wait with baited breath for any small signs of positivity and anything that might resemble a return to normality as we know it.
The latest edition of our client newsletter was finalised with the most recent information on the help available as the government continues to amend and extend its support measures for businesses and individuals. As well as the extension to the furlough scheme to the end of June and the Coronavirus Business Interruption Loan Scheme, we look at other ways to protect your business during economic shutdown. With change the order of the day, on 27 April the Chancellor announced yet further support for small businesses in the form of a Bounce Back Loan Scheme with 100% government guarantees. Alongside the government’s other measures, we can only hope this additional strand goes some way to alleviating the hardship experienced across all sectors.
With so much else to contend with, it’s easy to forget there was a Budget in March and the new tax year is well underway. One major story the new Chancellor addressed was the problem around pension charges for higher rate contributions. Senior medical staff, judges and other top earners in the public sector were being adversely affected by pension tapering rules. These have now been adjusted and most are now able to work additional hours where necessary without breaching their adjusted income allowance.
We have all been adjusting to the ‘new normal’ of lockdown and social distancing, despite these important shifts, we’re still here to help. By the time we bring you our next newsletter later in July, we hope we can share a more positive story.