Business

A partnership can be either an ordinary partnership or a limited liability partnership (LLP).

Business interruption insurance provides cover for losses as a result of events that close or severely disrupt the business.     

Changed business conditions in light of the Coronavirus pandemic have caused many companies to review their dividend policies not least because the company's financial position may have deteriorated significantly from that shown in its last annual accounts.

At the start of the pandemic, VAT registered businesses were given the option of deferring payment of ant VAT that fell due in the period from 20 March 2020 to 30 June 2020.     

The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced.

Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members.

At the start of lockdown, the Government announced a number of measures to help businesses weather the pandemic.     

Disposing of a limited company usually involves a considerable amount of forethought, planning and paperwork because a number of possible exit routes exist and each company situation is different.     

The government today (22nd October 2020) announced it will turn the cash tap on to provide more financial support to businesses and workers.

Small businesses struggling due to the coronavirus pandemic should be able to apply for a quick and easy-to-access loan of up to £50,000, with no interest charged or repayments needed in the first 12 months.