This article was last updated on 13 May at 10:25.

This article was last updated on 13 May at 17:25.

COVID-19 is clearly having a significant impact on many UK businesses, although it’s still unclear as to what the full impact will be over the coming months. Businesses are continually evaluating short-term and medium-term liquidity and to do this effectively, it is important to understand what your business can do and which government schemes are available to you. It is worth noting the difference between the schemes that will assist your cashflow and those that will only provide temporary cost savings. Preserving cashflow in the short-term is positive but be mindful that delayed payments will need to be made at some point in the future – and will not aid your regulatory capital resource position. Measures taken to reduce costs will have a permanent impact on your cashflow and capital adequacy as these amounts will not need to be paid down the line.

We have identified below which financial, tax and accounting measures may be relevant to your firm.

We are pleased to share with you that the latest version of the haysmacintyre Schools Briefing Summer 2020 is now available to download here.

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The number and nature of COVID-19 support measures are significant and, many of the schemes constitute ‘government grants‘ – an area of accounting practice that many accountants have had little cause to turn to previously. In these extraordinary times, accounting for government grants or governmental assistance by other means has come sharply into focus as the Government has made unprecedented levels of assistance available.

The way in which the sale of UK residential property is reported changed fundamentally on 6 April 2020. Under this new policy, capital gains must be calculated and a payment on account of the Capital Gains Tax paid within 30 days of completion of the property sale.

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Welcome to this special Charity and Not for Profit Briefing.