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Business Interruption Cover

Posted: 18 January 2021

The long-running case on whether insurance policies for business interruption cover include circumstances arising from the Coronavirus outbreak has been decided in favour of the policyholders:

https://www.bbc.co.uk/news/business-55661702

The circumstances will vary depending upon the nature of the business and the particular insurance policy wording – some will have a claim, some will not:

Tens of thousands of small businesses will receive insurance payouts covering losses from the first national lockdown, following a court ruling.

The Supreme Court found largely in favour of small firms receiving payments from business interruption insurance policies.

For some businesses it could provide a lifeline, allowing them to trade beyond the coronavirus crisis.

The ruling could cost the insurance sector hundreds of millions of pounds.

The City watchdog, the Financial Conduct Authority (FCA), brought the test case, with eight insurers agreeing to take part in proceedings.

 

Please contact us at info@burgesshodgson.co.uk with any questions. If you could be affected, we suggest discussing your position with your insurance broker to see if you have a claim.

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Detailed Terms on Furloughing

Posted: 15 April 2020

More detailed terms on the furloughing scheme have been published today, click here to view.

Some preliminary points to note:

(more…)

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Furloughing Directors and Can Furloughed Employees Work for Employers

Posted: 06 April 2020

The government has updated its guidance over the weekend on the furlough scheme. The revised guidance note is at:

www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

Furloughing Directors

The guidance is now a little clearer on the position of directors who are being furloughed: (more…)

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Tax Tribunal Update: Tax Payer Subject to £25,000 Fine for Failure to Provide Adequate Records of Expenditure

The case concerned a Midlands based company (Teksolutions -Inc Limited) that made claims for the enhanced tax relief available for Research and Development.

HMRC inquired into these claims and found issue with the records kept by the company. The company had claimed taxable losses across two accounting years in the region of £400,000 – arising partially from the additional tax deductions available for R&D expenditure. After review HMRC assessed that the losses should be reduced to nil. (more…)

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