As the Coronavirus outbreak morphed into a once-in-a-century pandemic in early 2020, governments all round the world started to pour unprecedented sums into their economies in a frantic effort to support individuals and prevent viable businesses from filing for insolvency prematurely. The UK provided a boost of well over £300bn through a bewildering variety of schemes. Over two years on,
The pandemic brought huge disruption to businesses of all shapes and sizes; over the least two years, their staff have had to endure once-in-a-career disruption as business model wheels had to be re-invented at warp speed. Loyal employees were put on furlough for extended periods and sometimes asked to make great financial sacrifices, or else they were plunged into working
We reported in detail on the finances and risks in the food and beverage sector in early December 2021, just as the Omicron variant was emerging as the latest wave of the pandemic. With the exception of the travel industry, no UK sector has suffered more disruption and commercial damage than our pubs, clubs, bars and restaurants. Four months on,
Many businesses use temporary labour from specialist labour supply companies, whether they are in agriculture, food processing, construction, healthcare or other sectors. Statistics from the Office for National Statistics published in Q3 2021 showed that the temporary labour market had grown by 5% in the previous twelve months. The use of umbrella companies as the conduit for filling temporary vacancies
Of all the many restrictions placed on creditors to protect businesses during the pandemic, none have been as long lasting or wide ranging as those, which have prevented the enforcement of rent arrears throughout the crisis. This shelter has been vital to many viable but cash-strapped enterprises, but as from 25th March 2022, the full panoply of remedies will be
It is common practice for director/shareholders of owner-managed businesses to take remuneration by way of a low basic salary paid through PAYE, with the remainder being taken as shareholder dividends. This is because dividends typically attract a lower rate of tax (both for the individual and the company) than would be payable as an employee. Yet, although this is common
