June 2020

Tax strategies for COVID-19 distressed owner-managed businesses

by Peter Rayney

We have been living though the most challenging economic times of our lives. Huge swathes of owner-managed businesses have been savaged by the coronavirus pandemic ('COVID-19').

Various UK and other Government measures, such as social distancing, lockdown and furloughing employees, have taken a huge toll on consumer demand, business supply chains and finances. Furthermore, the unprecedented nature of COVID-19 and its inherent uncertainty has also damaged commercial confidence, which may take some years to be regained.

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About the author

Peter Rayney, FCA, CTA (Fellow), TEP, practises as an independent tax consultant through his own practice, advising owner-managed companies, accountants, lawyers and tax practitioners on a wide range of tax issues.

He specialises in company sales/acquisitions, reconstructions, succession planning and all aspects of owner-managed business taxation. His firm's website can be found at www.peterrayney.co.uk. He is always in demand as a tax lecturer and regularly contributes tax articles to the professional press. Peter is also an author of various books and journals. He has won 'Tax Writer of the year' at the Taxation Awards an unprecedented three times.

Peter is Deputy President of the Chartered Institute of Taxation and immediate past chairman of the ICAEW Tax's Technical Committee.