Accountancy Firm Calls for Wider Reaching Measures
- AAB calls for enhanced government support for businesses during the Covid-19 pandemic
- Lyn Calder, managing partner of AAB, welcomes some measures but warns about gaps in assistance
- Concerns raised over eligibility criteria for Coronavirus Business Interruption Loan Scheme (CBILS)
- AAB awaits clear guidance on new Coronavirus Large Business Interruption Loan Scheme (CLBILS)
- Support needed for company directors with low salary and high dividend remuneration packages
- UK-based employees of non-UK businesses not currently eligible for furlough support
Anderson Anderson and Brown (AAB) has called on the UK government to implement a series of wide-reaching measures to help businesses survive the disruption caused by the Covid-19 pandemic. Lyn Calder, managing partner and head of deals for the Central Belt in Scotland, welcomed the measures announced so far but warned that ‘too many businesses will fall through the cracks’ unless further action is taken. She highlighted concerns over the Coronavirus Business Interruption Loan Scheme (CBILS) eligibility criteria, which requires a business to be viable and may exclude early-stage or scaling companies without a profitable history. AAB also called for increased support for company directors with low salary/high dividend remuneration packages, as the government currently does not cover limited company dividends. Additionally, businesses with no UK bank account but UK-based employees cannot claim furlough support. The firm awaits clear guidance on the new Coronavirus Large Business Interruption Loan Scheme (CLBILS) and urges proactive steps for businesses to mitigate impact.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the concerns of an accountancy firm regarding the UK Government’s measures to help businesses during the Covid-19 pandemic. It presents a balanced view and includes specific details about the eligibility criteria for loan schemes and potential gaps in support for certain types of businesses and employees.
Noise Level: 3
Noise Justification: The article provides relevant information about the challenges faced by businesses during the Covid-19 pandemic and offers suggestions for improvement in government schemes. It also highlights specific concerns related to eligibility criteria and taxation of dividends. The author stays on topic and supports claims with examples. However, it could benefit from more data or evidence to back up some statements.
Financial Relevance: Yes
Financial Markets Impacted: UK financial markets, specifically the UK Government’s measures for supporting businesses during the Covid-19 pandemic
Financial Rating Justification: The article discusses the impact of the Covid-19 pandemic on UK businesses and the need for additional support through government schemes such as CBILS, CCFF, CLBILS, and the job retention scheme. It also mentions concerns about eligibility criteria and the financial status of various types of businesses.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.
www.retailsector.co.uk