2020 has been a challenging year for us all, none of us could have imagined how it would turn out. We had Covid-19, lockdowns, some businesses went under and for us accountants, trying to keep up with the constant HMRC changes while assisting our clients with grants and furlough claims. Never have so many abbreviations been learnt in one year, BBL, CBILs, ARG, SEISS to name but a few.
A number of businesses went into administration in 2020 including Topshop and Debenhams. Most are high street names that are all too familiar. Restaurants, pubs and retail organisations were hardest hit. A lot of businesses that survived were those that had embraced technology, being able to work remotely or deliver online. Businesses had to change the way they work.
1 January 2021 saw the UK leaving the EU with a Brexit deal. The deal agreed means there will be no taxes on goods (tariffs) or limits on the amount that can be traded (quotas) between the UK and the EU however, businesses should prepare for new procedures at ports, and if new paperwork is incomplete, it could lead to delays. In addition, UK nationals can travel for up to 90 days in the EU without a visa.
5 January 2021 saw the Chancellor announcing one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring. These are provided on a per property basis with the grant dependant on the rateable value of the property.
The future certainly looks brighter in 2021 with 3 vaccines approved and being rolled out in the UK. This may signal the beginning of a slow return to the world we once knew pre-Covid.
If your business has been severely affected by Covid, contact us today to find how Fincrest can assist you.