We help organisations and their owners and directors.
The organisations are UK based as well as international groups looking to invest into the UK. They tend to be established and growing entities.
We love working with clients across a broad range of sectors but have particular expertise in the areas listed.
We also work with private individuals and families with their own personal tax matters, whether their wealth is UK-based or international.
Goodman Jones are not just Chartered Accountants and Auditors – but advisers who are passionate about providing an outstanding tailored service to each of our clients.
Our range of services are our response to listening to what our clients value.
We are not just Chartered Accountants and Auditors – but business advisers who are passionate about providing an outstanding tailored service to each of our clients.
We share insights regularly on issues and topics that affect our clients. Find out what our people think...
This hub will be updated with information including Government announcements to support you through the current situation.
Over and above this, we are all here to help so please do get in touch.
In the next major push for the Government’s workplace testing programme, all employers will now be able to offer their employees free, rapid and regular testing that can be taken at home
As expected much of Rishi Sunak’s Spring Budget was focused on continuing support for businesses as we move towards the easing of the Covid lockdown measures. It was welcome news that help will continue beyond the dates currently set for business to re-open, with the furlough scheme, business rates holiday, reduced SDLT rate and VAT reductions all due to continue. House builders in particular will benefit from the introduction of the mortgage guarantee scheme.
https://www.bbc.co.uk/news/business-55661702
Rishi Sunak announces £4.6 billion in new lockdown grants to support businesses and protect jobs
Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000, the Chancellor has announced.
Rishi Sunak has extended the Self Employment Income grant scheme
Prime Minister Boris Johnson made a statement on coronavirus to the House of Commons.
Rishi Sunak has announced a Pay As You Grow’ loan payback scheme to provide flexibility for businesses who took out loans amid the coronavirus crisis.
Measures include extending the repayment of the bounce back loans from six to 10 years, nearly halving the average monthly repayment, and allowing struggling businesses to make interest-only payments or suspend payments entirely for up to six months
"We will ensure that businesses can stay open in a Covid-compliant way.
However, we must take action to suppress the disease.
First, we are once again asking office workers who can work from home to do so.
In key public services – and in all professions where homeworking is not possible, such as construction or retail – people should continue to attend their workplaces."
Today, the weekly survey by the Office for National Statistics reports that the prevalence of the virus in the community in England is likely to be rising for the first time since May.
That means that, until 15 August at the earliest:
Casinos, bowling alleys, skating rinks and remaining close contact services must remain closed. Indoor performances will not resume.
Pilots of larger crowds in sports venues and conference centres will not take place.
Wedding receptions of up to 30 people will not be permitted, but ceremonies can continue to take place, in line with COVID-Secure guidelines.
This sets out the package of measures announced by the Chancellor including details regarding;
Coronavirus Statutory Sick Pay Rebate Scheme opens 26 May
https://www.gov.uk/coronavirus/business-support
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19
HMRC Helpline - New helpline number is 0800 024 1222
VAT
The VAT payments deferral scheme ended on 30 June 2020 as previously set out.
PPE free from VAT for three months
Businesses are reminded that they need to take steps to reinstate their direct debit mandates so that they are in place in time for payments due in July 2020 onwards. Any outstanding returns should be filed and three working days should be allowed to elapse before reinstating the direct debit mandate. Agents cannot set up direct debit mandates on behalf of clients; the business needs to set up the mandate through their business tax account.
CBILS provides cashflow support for up to 12 months (or possibly more) to cover disruption caused by Coronavirus.
The scheme provides for loans up to £5m for businesses with revenue up to £45m. No interest is payable for the first 12 months as this is settled by the government.
The borrower remains liable for 100% of the debt.
A government-backed loan scheme for large businesses affected by coronavirus has been expanded to cover all viable firms.
The Chancellor announced support for those who are self employed or in a partnership and have lost income as a result of coronavirus.
The Bank of England can finance working capital by purchasing commercial paper from larger business ‘making a material contribution to the UK economy’.
Businesses do not need to have previously issued commercial paper in order to participate in the scheme. The scheme will operate for at least 12 months and provides a minimum facility of £1m.
Most businesses are unlikely to be covered, as standard business interruption insurance policies will exclude pandemics but do check the terms and conditions of your policy.
This is available to all sectors and buy-to-let landlords but is merely a deferral of the repayments and consequently interest still accumulates on the outstanding loan.
Tenants can apply for a rent holiday although it is noted that this is just a deferral and not a waiver of the amounts due.
Government has published a code of practice to encourage commercial tenants and landlords to work together to protect viable businesses.
This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000.
This is an additional 5% uplift to the £12.33 billion funding previously announced for the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grants Fund (RHLGF), so up to £617 million.
This additional fund is aimed at small businesses with ongoing fixed property-related costs. Local authorities are being asked to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates.
There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.
A revaluation of business rates will no longer take place in 2021 to help reduce uncertainty for firms affected by the impacts of coronavirus.
Business Secretary Alok Sharma is creating 5 new business-focused groups to unleash Britain’s growth potential and create jobs, as part of the government’s plans to help the economy bounce back from the coronavirus pandemic.
The Chancellor has announced a £750 million package of support for frontline charities.
HM Treasury announcement of coronavirus funding for frontline charities
Charity Accounts
Guidance for trustees and preparers of charity accounts looking at the potential impact of the control measures to contain COVID-19 on financial reporting by charities.
The guidance for their Emergency Response Fund for their National Portfolio Organisations and Creative People & Places Organisations. This fund will open for applications on 12 May, with the deadline being 19 May.
Supplier Payment Relief
Any organisation paid by a public body should be paid as normal
T: +44 (0)20 7874 8834
E: jflitter@goodmanjones.com
T: +44 (0)20 7874 8802
E: smalik@goodmanjones.com
Insurance: Guidance to close on 17 March is sufficient to make a claim
Retail, Hospitality & Leisure Grant Fund Guidance
Under the Retail, Hospitality and Leisure Grant (RHLG), businesses in
England that would have been in receipt of the Expanded Retail Discount
(which covers retail, hospitality and leisure) on 11 March with a rateable value
of less than £51,000 will be eligible for cash grants per property.
3 April: Update to Guidance
1 May: Updated re tax
Confirmation that furloughed workers are not entitled to Tronc
Financing Leisure & Hospitality Businesses - Esther Wood
T: +44 (0)20 7874 8806
E: ewood@goodmanjones.com
The deferral for income tax self assessment applies to the second payment on account for 2019/20 due on 31 July 2020 which is deferred until 31 January 2021. This is an automatic offer and no application is required.
HMRC has now confirmed that the deferral applies to all tax payers.
The Government has advised against moving home during the COVID-19 outbreak unless “critical”, defined as where “a new date is unable to be agreed” amongst the parties.
Transactions where exchange has taken place on or before 5 April 2020 will be unaffected by the new CGT rules. In these cases a delay to completion will not mean paying CGT within 30 days. However, if exchange itself is delayed until 6 April or later, then the new 30 day rules will apply (unless we hear otherwise from the Government).
The Government’s full guidance on home moves during the COVID-19 outbreak.
T: +44 (0)20 7874 8854
E: jpilborough-skinner@goodmanjones.com
Exports Minister, Graham Stuart MP, has announced a series of new measures to support businesses in the consumer and retail industry to export overseas as part of efforts to help the sector recover from Coronavirus.
Graeme Bursack
T: +44 (0)20 7874 8813
E: gbursack@goodmanjones.com
Measures to help the construction industry boost building and return to work safely will be introduced this week.
Domestic reverse VAT charge for building and construction services delayed to 1 March 2021
T: +44 (0)20 7874 8833
E: csuleyman@goodmanjones.com