The government has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. This includes a package of measures to support businesses including:
Any business with any tax outstanding can contact HMRC and request time to pay.
Companies House have advised that an additional 3 months can be given to a Company to file its statutory accounts. The online request must be made online before the normal filing deadline has passed otherwise the late filing penalty will stand.
The Coronavirus Job Retention Scheme allows employer to potentially Furlough their employees and then claim 80% of the costs back from HMRC as a grant. HMRC are putting together a dedicated online gateway to deal with the grant applications.
VAT payments are currently deferred until next year although you can make the payments if you so wish. HMRC have advised that VAT returns should be filed by their normal deadlines but any direct debit should be cancelled to stop HMRC taking the payment.
Income tax under self-assessment, second payments on account due by 31 July 2020 are automatically deferred until 31 January 2021. Any liabilities outstanding as at 31 January 2020, HMRC can be contacted to request time to pay.
The Chancellor has advised that directors of limited companies who pay themselves by dividends will not be supported by HMRC. If the director was paid under PAYE in February 2020 and can no longer work for the company then they can be furloughed. However, this is only if the company is no longer trading due to Covid19.
The Chancellor has issued detailed guidance below in respect of self employed income. HMRC will not make payments to self employed businesses who commenced self-employment after the 6 April 2020. If a sole trader has yet to file a self-assessment tax return for the year ended 5 April 2019 HMRC have allowed a further 30 days to complete this.
SSP can be claimed in the normal way, please see link below.
All retail, hospitality, leisure and nursery businesses in England can benefit from a 12-month business rates holiday.
Currently any small business who have premises and in receipt of small business rate relief will automatically receive £10,000 as a grant. Your relevant Council will contact you in April 2020 automatically.
Any nurseries who have premises and in receipt of small business rate relief will automatically receive £10,000 as a grant. Your relevant Council will contact you in April 2020 automatically.
Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
A new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction.
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