May 13 2020 Improving cashflow for the construction sector – corporation and income tax Categories: COVID-19Property & ConstructionTaxation As the COVID-19 pandemic continues, the inability to work on site is having a massive cashflow implication for all businesses in the construction sector. While many staff and sub-contractors are in self-isolation and mounting invoices start to become overdue, it may be prudent to revise your tax position as a means to reduce your current more
May 13 2020 Financial support available for dentists Categories: COVID-19Healthcare We are in unprecedented times at the moment, with lots of industries facing financial struggle and uncertainty. As well as the general financial support offered by the government for businesses and the self-employed, such as the Coronavirus Job Retention Scheme, CBILS, Bounce Back Loan scheme and Time to Pay service, specific financial support measures have more
May 8 2020 Tech businesses still hopeful of growth despite COVID-19 Categories: COVID-19Technology According to a recent survey published by ScotlandIS, the digital technology sector in Scotland had increased sales and profit margins during 2019 and despite the challenges faced due to the COVID-19 pandemic, many businesses have identified areas for continued growth over the rest of the year. The survey showed that cloud servicing, connectivity and remote working were more
May 8 2020 £100m emergency loan fund for SME house builders Categories: COVID-19Property & Construction The Scottish Government has unveiled a £100 million emergency loan fund to support house builders affected by the COVID-19 pandemic. Small and medium-sized business with liquidity issues due to the temporary closure of the house building sector can apply for a short-term loan of between £50k and £1m spread over a two year term at a fixed 2% more
May 6 2020 Update on the Coronavirus Business Support Fund Categories: COVID-19Leisure As discussed in our previous article, the ‘Coronavirus Business Support Fund’ grants, consisting of the Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund, are aimed to help keep small and medium-sized companies in business and keep productive capacity so that they can recover from the impact of COVID-19. These one-off grants are administered by more
May 1 2020 Updated guidance on the CJRS for early years providers Categories: COVID-19Healthcare On Friday 17 April, the UK Government provided updated guidance on the Coronavirus Job Retention Scheme (CJRS) for early years providers in England however as the CJRS is a UK-wide scheme, this will also impact providers in Scotland. The Scottish Government is currently seeking further clarification from the UK Government on aspects of this guidance, however more
Apr 30 2020 Law Society of Scotland announce £2.2m financial support for Scottish solicitors Categories: COVID-19Professions In response to many in the solicitor profession feeling the financial impact of COVID-19, the Law Society of Scotland yesterday announced a £2.2 million financial support package for Scottish solicitors. The professional body’s governing council has agreed that for the 2020/21 practice year: the practicing certificate (PC) fee for every solicitor will be reduced by 20%, more
Apr 29 2020 Improving cashflow for the construction sector – VAT Categories: COVID-19Property & ConstructionTaxation During the COVID-19 pandemic, the inability to work on site is having a massive cashflow implication for all businesses in the construction sector. As discussed in our previous article, Research & Development (R&D) tax credits can increase cash inflow however there are also various VAT relief options. The Governments VAT deferral scheme supports those affected by the COVID-19 pandemic by more