The impact of COVID-19 on the professions sector

Our EQ Professions specialists are maintaining regular discussions with our clients who are experiencing the unprecedented effects of the current COVID-19 pandemic.

Discussions to date have looked at areas such as:

• Managing credit risk wherever possible and being up-front with clients about fees to set expectations
• Managing costs and spreading those over a longer period
• Liaison with lenders to begin negotiations over restructured borrowings
• Discussions with landlords to seek deferral of rental payments
• Seeking grant support in certain cases
• Agree payment plans with HMRC for any up and coming liabilities, including PAYE/NI.
• Review insurance documents for valid business interruption cover
• Operating with skeleton staff

As well as the measures mentioned in our previous article, the Scottish Government announced £2.2bn of support for businesses which will be available from 1 April.

Additionally:

• Estate agents, lettings agencies (and bingo halls) that have closed as a result of Covid-19 measures to restrict the spread of the virus will be now be exempted from business rates in 2020-21.
• Registers of Scotland are no longer taking new applications for register of titles as of 24 March. A new framework is currently being devised by the Law Society for the short-term house sales that were due to be concluded in the next week.

This is an extremely fast-moving situation and information is being updated all of the time and we will endeavour to keep you up to date as things change and as more information becomes available.

In the wake of the outbreak, there has been a number of coronavirus-related email scams that are targeting various industries, including insurance. If you suspect a scam, contact Action Fraud on 0300 123 2040, the FCA Consumer Helpline on 0800 111 6768 or you can read the BBC’s report on some of the scams.

If you have any questions, or want to discuss your circumstances, please get in touch with our dedicated EQ Professions specialists via the numbers on the Our People page on this website or by emailing professions@eqaccountants.co.uk.