Key Contacts

Retail sector – Tax help in times of trouble
The UK Government has announced a series of measures to help business generally, and specifically those operating in the Retail sector, during this turbulent period of global disruption. The measures of most relevance to the Retail sector are:
The business rates holiday is a specific measure to help the Retail sector. Detailed guidance is available here and it will apply to properties that are wholly or mainly being used:
• as shops, restaurants, cafes, drinking establishments, cinemas and live music venues:
• for assembly and leisure; or
• as hotels, guest & boarding premises and self-catering accommodation.
Managing cash flow is vital to the survival of any business and the above measures are designed to help with this. There are other options, which may be available to Retailers to improve cash flow through tax management, such as:
Adapting to our environment
Those retailers who adapt the quickest to an ever-changing environment will clearly fare the best.
We are seeing some great examples of this in the media. Automotive companies are being asked to produce ventilators, whiskey distillers and perfume retailers are changing production lines to manufacture hand sanitiser and many retailers forced to close their high street stores are moving to online distance selling where they are able.
Whilst governments globally are offering solutions to support the business community and the wider economy during this period, domestic tax legislation and OECD principles continue to apply and key areas where further consideration may be required are:
If any of these areas are likely to impact you and you would like further guidance, we would be very happy to discuss your specific circumstances with you. Please complete the form below and one of our advisors will be in touch within the working day.
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