The Coronavirus Job Retention Scheme (CJRS) also known as the furlough scheme has been extended until 31 October 2020. There are a number of important changes to the way the scheme works starting from 1 July 2020, when employers can bring back furloughed employees to work part-time, for any amount of time and any shift pattern. One of the specified changes is that the final date employers could furlough staff for the first time was 10 June 2020.
The UK has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally accepted this position. With just over six months to go before the end of the transition period there remains a lot of work to be done if agreement is to be reached. This move could result in the possibility of a no-deal Brexit.
Corporation Tax relief may be available where a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same or accounting period.