With one third of the global population living under lockdown, we are witnessing the dawn of a new, and hopefully temporary, normal. We are all having to adapt to significant changes to our daily lives, social interaction and the operation of our businesses.
Read moreThe guidance for employers and employees relating to the Coronavirus Job Retention Scheme (the ‘Scheme’) has now had several iterations. The Chancellor has issued the Treasury Direction (the ‘Direction’), which sets out the Scheme’s formal legal framework, and announced an extension to the Scheme until the end of June 2020. The HMRC on-line portal for making claims is now open. With so many moving parts, we thought it would be useful to answer some frequently asked questions in relation to the Scheme.
Read moreLandlords seeking to recover rent from their commercial tenants were dealt a further blow on 23 April 2020 when the Government announced further measures to protect commercial tenants during the lockdown period.
Read moreThere are currently three government-backed funding schemes available to businesses:
Read moreSince 26 March 2020 when we last surveyed how mediation, arbitration and litigation were being conducted in the current circumstances, matters have evolved at a rapid pace, particularly in the English court system. We have seen unprecedented use of technology as the courts focus on getting business done as usual so far as possible.
Read moreHer Majesty's Revenue and Customs (HMRC) published guidance on 9 April on the implications of COVID-19-related travel restrictions on a company's residence status. Such travel restrictions may force directors or employees to be present in the UK when they would not be here under normal circumstances. This situation raises concerns as to whether a foreign company may become resident for tax purposes in the UK because the central management and control (CMC) of the company might be considered to have moved here.
Read moreAccording to the British Art Market Federation, the UK arts and antiques market is comprised of nearly 8,000 businesses, providing direct employment for over 41,000 people. It is the third largest in the world with over a 20% global share and, therefore, a significant sector in the UK economy.
Read moreDespite stimulus packages from the Government, it unfortunately seems inevitable that a large number of businesses will enter liquidation in the short and medium term as the economic impact of the COVID-19 pandemic is felt in nearly every sector.
Read moreMany tenants (particular those in the retail and hospitality sectors- but also a considerable number of office and industrial tenants) are not paying their rent in full or, in many cases, at all. Some of these tenants are major companies (such as JD Sports and WH Smith) who one would think could afford to pay. According to press reports, only 48% of commercial rents had been paid for the March 2020 quarter by the start of April.
Read moreThe discussions regarding the replacement of the London Interbank Offered Rate (LIBOR) by the Sterling Overnight Index Average (SONIA) have been overshadowed somewhat by the COVID-19 pandemic, but despite the current challenging environment the Financial Conduct Authority (FCA) has emphasised that it is still focused on the change.
Read more
