COVID-19: Supporting your future

Navigating through the various government support schemes, and the impact they have on other areas of employment tax, can be challenging. Understanding these rules and avoiding the pitfalls is key to employers making it through these difficult times. As we begin to get back on track, it is more important than ever for employers to consider the most tax efficient ways to reward employees, as well as highlight areas for cost saving. Read our latest guides and insights.

• Extension of the Job Retention Scheme - the key actions for employers making a claim.

• EMI schemes - the updates to how furlough impact EMI option-holders.

• Compliance powers for employers making a CJRS claim - new powers have been announced for furloughing employees.

• PAYE deadlines and support during COVID-19 - there may be some options for businesses who are in need of support.

• Updates to holiday and sick pay - the adjustments that have been made to Statutory Sick Pay and holiday allowances.

• Working from home tax relief -  the tax considerations for employees and employers as working from home continues into the future.
  

It is clear that as businesses emerge from lockdown, things will look very different from just four months ago. Crowe’s ‘Getting Back on Track’ is a suite of business insight tools which address the urgent need to fund losses you might have sustained through to planning for a successful, strategic and operational safe return and a prosperous future. In addition, you will find links to our Business and Personal Change Success tools. We will continue to update this content as more funding streams are revealed and best practice develops for individuals and businesses alike.

• Getting your business back on a new and safe track - our guide to safeguard your business for survival as it evolves out of COVID-19.
  
  
• What can businesses learn from COVID 19 to come back stronger - key areas of learning we can take away from COVID-19 when planning for your business’s future.
  
  
• Getting back on track: tax considerations - our guide can help you to consider the actions you need to take using three stages stabilisation, health check and functioning successfully.
  

Based on academic research and an up to the minute understanding of these rapidly evolving fraud and cybercrime issues, our series of insights can protect you and your business now and in to the future.

• Prepare for the forthcoming surge in fraud - looking at the best approach and the questions every organisation should ask themselves.
  
  
• Data breach puts 193 law firms at risk - recent reports indicate that 193 law firms have suffered a data breach related to an unsecured database, we can help law firms to avoid these vulnerabilities in three ways.
  
  
• Cybercrime protection for SMEs - the five stages on how to protect against cybercrime.
  
  
• AIM listed businesses at  risk of cyber attacks - the latest research and actions you should take to properly protect your business.
  
  
• Protecting your Pensions Scheme against Fraud - how to protect your pension scheme against fraud by asking your third party suppliers six key questions.
  
  
• The Nature and Extent of Pensions Fraud report  - our report looks at ways in which the pension industry is vulnerable to malicious cybercrime attacks. 

As the lockdown measures ease and businesses get back on track, future funding needs remain uncertain for many. We have gathered a suite of guidance to help navigate the process as well as survive and thrive post COVID-19.

• Maximising your chances of success when applying for funding - with effect from 6 April 2021, the government has replaced the CBILS, CLBILS and Bounce Back Loans with the new Recovery Loan Scheme.

• Coronavirus: Government financial support for organisations - organisations will welcome several government initiatives to provide support to those with financial difficulties.
  
  
• Effective business planning for the post COVID 19 era - sustaining your business using effective planning and the key to future success.
  
  
• What can businesses learn from COVID 19 to come back stronger  - key areas of learning we can take away from COVID-19 when planning for your business’s future.
  
  
• Time to pay arrangements - answers on the available options to businesses when paying their taxation liabilities.

Businesses continue to face cashflow uncertainty and cash management will be critical to business success in the coming months. Making the most of tax reliefs and close management of your taxes will contribute to your resources for investment for the future. Read some of our latest insights and guidance.

• Temporary VAT rate reduction to 5% for the hospitality and tourism industry - how should businesses prepare, to take advantage of the reduced VAT rates beginning on 15 July 2020 and continue until 30 September 2021.

• Investors' relief: £10 million of relief still available - with Entrepreneurs' Relief much less valuable after 11 March 2020, how can you benefit from other tax reliefs to save you tax?

• Time to pay - answers on the available options to businesses when paying their taxation liabilities.

• VAT cashflow planning - UK VAT reliefs that can help you manage your VAT payments as your business starts to recover.
  
  
• Impact on R&D tax relief claims - several new measures announced as the government continues to support and encourage innovation.
  
  
• Tax impacts of rent reductions and deferment - ways to manage the tax impact of agreeing rent reductions and deferments

Services that are paramount in the current crisis

Throughout the COVID-19 pandemic it is vital that certain obligations and processes are carried out effectively and correctly. Here are two essential areas of tax management. 

• Tax compliance - businesses need to ensure they keep on top of your tax filing obligations and managing tax payments.

• Tax integrity - making sure your house in in order and that you pay the right amount of tax and on time.

Employee health and wellbeing remains a priority for business. With the many employees now working from unplanned locations, there has been an increased focus from employers wanting to better understand the impact this has on business. Read our latest insights and guides.

• What steps to take if you have globally mobile employees  - keeping track of your globally mobile employees is vital.
  
  
• Global Mobility: Shifting compliance - key issues for employers to consider in order to reduce employment cost, optimise cashflow and reduce compliance risk.
  
  
• Respond, review and rebound - looking at how businesses will respond, review and rebound in the recovery of the global economy.
  
  
• Impact on UK tax residency for those stuck in the UK - understanding the impact that UK residency might have on individuals tax affairs.

There is much that charities and non profits need to consider as a consequence of COVID-19 now and going forward. Our insights cover a range of areas of interest to these organisations.

Non Profits

• Non Profits: Managing in uncertain times - looking at four key areas: strategy and scenario planning, risk management, reserve and liquidity and working it through.
  
  
• Charities: What has the pandemic taught us about risk management? - outlining the key areas of focus for operating in a ‘VUCA’ world.
  
  
• Providing assurance in uncertainty - the current uncertainty presents a huge range of challenges to both the organisation and internal audit. It is precisely that level of uncertainty which drives risk and the need for independent challenge and assurance. 

• Financial reporting issues for charities - we consider the potential impact of the new COVID-19 on the yet to be published annual reports and financial statements of charities.
  
  
• What planning should charities be undertaking? - areas charities may need to consider in their scenario planning, budgeting, forecasting and risk registers.

Education

• Schools: Managing in unprecedented times - discussing both how to deal with the immediate issues schools are facing due to the COVID-19 pandemic as well as looking at longer-term planning and viability.
  
  
• Coping with the financial effects of COVID-19 - the measures schools could use to estimate, forecast and adjust to continue ‘Going Concern’ status within the fundamentally changed trading environment. 

• Coronavirus and the Academy sector - key areas you will need to consider.

Other

• Financial reporting for housing associations - considers the potential impact on the yet to be published annual reports and financial statements of housing associations. 

• What planning should register providers be undertaking? - areas registered providers may need to consider in their scenario planning, budgeting, forecasting and risk registers.

• Temporary VAT relief on Personal Protective Equipment - available from 1 May 2020 until 31 July 2020.

• VAT rate reduction to 5% for hospitality sales – how it affects non profits - Examples of how the temporary VAT cut will impact some non profits.