Our automotive team, led by David Kendrick, advised Dr Nas Khan OBE on his sale of Jennings Motor Group to Lookers plc.
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New data released shows HMRC added £5.05bn of late paid taxes to its debt collection systems in March 2020, as the effects of the coronavirus crisis started to bite
Losses at the UK’ Top 100 restaurant groups increased 94% to £151m last year, growing from a loss of £78m the year before*, our research shows.
Turnover for the industry in March 2020 was just £1.2bn, down from £2.6bn last March.
The Chancellor announced a deferment of VAT payments for UK VAT registered businesses with a VAT payment due between 20 March 2020 and 30 June 2020. So for payments due from 1 July 2020 these must be made as normal.
With a significant reduction in sales and supply issues looming for the automotive sector, undoubtedly the biggest impact dealers will face during the COVID-19 crisis will be a reduction in cashflow. We have outlined our Top 10 tips to help manage costs, improve operational efficiency and optimise profit.
It is clear that there will need to be a significant re-balancing of the national books in order to accommodate the unanticipated spend of COVID-19.