Weekly tax brief | 12 May 2020

Which taxes are being hit hardest by coronavirus?
George Bull and Simon Hart
A recent report analyses the tax cost of coronavirus between sectors. With the UK Government now proposing a roadmap to recovery from the coronavirus, we consider what role the tax system will have as the country begins to get back on its feet. Tax increases alone will not be sufficient. Direct investment by the Government will be required. Welcome to Roosevelt’s 1930s New Deal for the UK 2020s.

Government support for the self-employed – make sure you are ready
Jackie Hall
The Self -Employment Income Support Scheme (SEISS) will be available to qualifying individuals this week – but they will need a Government Gateway account to claim their entitlement.

Directors must act in the best interests of stakeholders or could be found personally liable 
Paul Dounis
The Government intends to amend UK insolvency law in the wake of coronavirus, to relax the wrongful trading rules from 1 March 2020 for three months. Although this has still not become law, directors need to be mindful of other duties which can give rise to personal liability for directors and officers if their business is insolvent. HMRC will take a close interest in what happens.