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2 July 2020: Coronavirus Update. For the latest information, resources and tools visit our dedicated Economic Recovery resource centre.

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Below you will find a selection of accounting resources and industry updates along with information from recent events held within CIMA UK.

CIMA publishes recommendations for COVID-19 recovery strategy

CIMA has released a set of recommendations designed to support the UK Government to navigate challenges posed by the coronavirus pandemic, aid the country’s economic recovery and build business resilience to future crises. We are calling on the Government to focus on four key areas: providing businesses and consumers with confidence to invest and do business, providing businesses with certainty, creating a more sustainable business environment, and investing in skills to help generate economic growth and improve productivity.

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Six UK government resources your business can use

The COVID-19 pandemic and its resulting shutdown of the economy has caught many UK businesses unprepared. If you manage a business, you’re probably in the difficult situation of trying to keep your cash flow positive while managing a variety of new risks — so the thought of ‘what happens to the business after coronavirus’ might not be on your mind right now. However, planning for your business’ post-crisis recovery is important to ensure its survival after the pandemic ends. 

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Podcast: Finding the productivity equilibrium - coming out of lockdown 

How can you prepare your organisation for the post-pandemic world? Listen to the conversation to Andrew Harding’s conversation with Rolls-Royce’s Declan Guerin and Dr Stephanie Fitzgerald on striking the right balance as we come out of lockdown. 

Listen here 

Three ways to help your business thrive in the new normal

We still don’t know how long this pandemic will impact global economies, and even once lockdowns are fully lifted there will be no going back to “business as usual”. With the OECD predicting the most severe recession in nearly a century, we can’t shy away from the need for change. A new reality is sinking in, one that is pushing companies of all sizes to think of new ways of doing business and adapt to a world that has changed forever.

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Four measures to get businesses back on track amid the COVID-19 crisis

As the UK takes cautionary steps to get its economy moving again, businesses leaders must focus on keeping their organisations afloat in a changed, ever-evolving environment and prepare to face the headwinds of a second peak later in the year. Businesses need to focus on four key measures to outlast the impact of the crisis on their operations and people. 

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Covid-19: Five important questions that SMEs are asking of CIMA Members in Practice (MIPs), by Paul Turner, Regional Vice President UK & Ireland 

The Covid-19 lockdown has created huge challenges for UK SMEs – especially businesses, such as retailers, that rely on face-to-face contact with consumers. At the start of April, research by The Corporate Finance Network suggested that nearly a fifth of SMEs might not survive the next four weeks.

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First at-home CIMA exams will help students progress towards earning the CGMA designation and provide skilled talent to aid COVID-19 economic recovery 

CIMA has delivered its first-ever at-home exams to students across the world, including the United Kingdom. This comes as the coronavirus outbreak forced test centres to close back in March, halting the studies of CIMA students and their progression towards earning the Chartered Global Management Accountant® (CGMA) designation.

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Video: Update from the UK & Ireland's Regional Vice President 

Hear from our Regional Vice President for UK & Ireland, Paul Turner, on the activity we've been undertaking to support members and students during the current health crisis.

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CFO priorities amid the coronavirus crisis

Finance teams around the UK are wrestling with many challenges as a result of the COVID-19 pandemic. They face health and safety concerns, significant threats to cash and liquidity, supply chain disruption, and the large-scale shift to remote working. CIMA’s UK CFO Forum recently met by videoconference to swap perspectives on today’s business landscape. 

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National Insurance Number (NINO) - HMRC Update regarding the Job Retention Scheme 

We understand that there have been some questions regarding National Insurance numbers and the Job Retention Scheme and therefore hope the below is a helpful update.

 

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Podcast: COVID-19: From distilling spirits to making hand sanitiser 

When BrewDog faced a 70% drop in revenue because customers could no longer visit its 102 bars worldwide, the Scottish brewer, distiller, and bar operator decided to switch from producing gin, vodka, and rum to making hand sanitiser. Ben Press, ACMA, CGMA, BrewDog’s retail finance manager, explains how the international company managed to change production quickly and how it plans to survive the economic impact of the coronavirus pandemic.. 

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Job Retention Scheme date announced at Treasury Select Committee 

HMRC’s Chief Executive Jim Harra and Director of Coronavirus Policy Co-ordination Cerys McDonald appeared in front of the Treasury Select Committee this morning, giving evidence on the economic impact of coronavirus. During this session, Jim announced that the Coronavirus Job Retention Scheme will be open for claim submissions in the week commencing 20 April. 

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We must provide more support to the UK’s smaller businesses and self-employed – or risk facing economic and social catastrophe

These are the hardest times that most UK businesses have ever faced. Businesses are simultaneously prioritising the safety and wellbeing of their staff and customers, while wrestling with unprecedented cash and liquidity challenges. 

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Six additional measures to support UK SMEs the Chancellor needs to consider in response to the coronavirus pandemic

Further to its letter to the Government on 23 March, CIMA wrote to the Chancellor on 1 April suggesting the adoption and rapid implementation of six additional measures to ensure that UK SMEs can remain afloat during these unprecedented times: 

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FCA proposes measures for consumer credit providers

UK regulator the Financial Conduct Authority is seeking rapid feedback on a series of proposed measures for lenders to help consumers of some credit products amid the current health and economic crisis. The measures relate to overdrafts, credit and store cards and catalogue credit, and personal loans.

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CIMA to the UK Government: Help SMEs and self-employed through this pandemic

As great as the UK Government’s response has been so far, it doesn’t go far enough or fast enough to help. Sam Louis, Vice President, Advocacy, sets out the steps CIMA believe need to happen.

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We must do more to support SMEs and kickstart our economy 

We are greatly concerned about high-street banks’ interpretation of the Government’s Coronavirus Business Interruption Loan Scheme, which is designed to offer financial support to SMEs across the UK during the coronavirus outbreak. 

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More can be done to level the playing field for all workers

CIMA welcomes the Government’s plan to support the self-employed during the coronavirus pandemic. The Chancellor’s plan to offer a taxable grant of 80% of the average profits for the last three years, up to £2,500, is an unprecedented measure that will provide 5 million people with some much-needed relief. While we understand that the Government is navigating uncharted waters, we are concerned that delaying full support for the self-employed until beginning of June may be way too late for some.

It will take some time for the UK economy to recover, but preparing now will help us better navigate the future.

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CIMA exams to move to remote testing from May 2020 in response to the coronavirus pandemic

On 27 March 2020, CIMA announced that students will be able to take their exams remotely for the first time from May 2020. This comes as the coronavirus pandemic has forced many test centres to close, preventing the delivery of CIMA Objective Tests and Case Study exams to students around the world.

Visit the webpage 

FRC guidance for companies and auditors during Covid-19 crisis 

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have announced a series of actions to ensure that information continues to flow to investors and to support the continued functioning of the UK’s capital markets. 

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COVID-19: an update from the Pensions regulator 

These are unprecedented, challenging and uncertain times for trustees, employers, administrators and, crucially, savers. As such there are different pressures on different areas of the pensions system. The Pensions regulators have therefore provided guidance for those they regulate and work with.

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CIMA suggests five key things to help out the self-employed, sole traders and UK small businesses during the coronavirus pandemic  

CIMA has called on the Government to further help the self-employed, sole traders, and small and micro U.K businesses hit by the growing coronavirus outbreak. 

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Business support - Government website launched 

The Government is supporting businesses and their employees through a package of measures during this period of unprecedented disruption. This website helps you find the right support, advice and information to help with the impact of coronavirus (Covid-19) on your business.

Visit website 

Coronavirus (COVID-19): guidance for apprentices, employers, training providers, end-point assessment organisations and external quality assurance providers 

This document sets out guidance for apprentices, employers, training providers and assessment organisations in response to the impact of COVID-19. It outlines the changes that the Education and Skills Funding Agency (ESFA) is making to the apprenticeship programme during the COVID-19 pandemic.

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Non-Face to Face Client Verification - guidance for Members in Practice

Due to the impact of COVID-19 some members in practice have requested guidance from CIMA around the verification of clients on a non-face to face basis. The wellbeing of CIMA members at this time is our priority and we want to ensure that you are able to undertake work in a safe environment as much as possible. 

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UK’s economic response to COVID-19 pandemic takes shape 

The details of the UK’s response to the economic fallout of the coronavirus pandemic continue to emerge, after Chancellor of the Exchequer Rishi Sunak announced “unprecedented” measures Friday. 

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A guide to support measures for UK businesses affected by the coronavirus crisis

The UK Government made a series of announcements of wide-ranging measures on Tuesday, including tax cuts and grants, taken to tackle the outbreak to support struggling businesses and individuals.


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The Financial Conduct Authority asks for companies to delay preliminary announcements for two weeks

On Saturday night, the UK’s financial regulator asked all companies listed on the London Stock Exchange to delay the publication of preliminary financial statements due to the coronavirus outbreak. 

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