Since our blog post yesterday covering some of the key changes made by Government likely to affect UK businesses (you can access the blog post here) there have been several additional measures announced. Please see below for details.
If a business is concerned about being able to pay their tax as a result of the Coronavirus crisis they can call HMRC on 0800 015 9559. Though please be aware that HMRC are experiencing heavy demand at the moment, so it may take some time to get through.
Should you like to read the Chancellor’s full speech you can do so here.
Businesses will not be required to pay their VAT liability from now until June. They will then be given until the end of the financial year to settle this. The Association understands that businesses must continue to charge and report VAT as normal.
While this measure will help businesses, who are struggling with cash flow, it will not provide long term relief to many businesses which will be reeling from the crisis.
Coronavirus Job Retention Scheme
The ‘Coronavirus Job Retention Scheme’ will see grants of up to £2,500 per month, made available to businesses and other organisations to cover 80% of the cost of staff salaries. The Scheme will be available where staff cannot work due to the crisis, but they are not made redundant.
Grants made under the ‘Coronavirus Job Retention Scheme’ can be backdated to 1 March 2020 and will open initially for three months.
All cafes, bars, pubs, restaurants, nightclubs, theatres, gyms, cinemas and leisure centres must close tonight (20 March 2020).
Business loan scheme extended
Under the ‘Coronavirus Business Interruption Loan Scheme’ the Government were going to pay 6 months of interest on behalf of the recipient, though they will now provide a longer period of 12 months.
Self-assessment payments deferred
The next self-assessment payments will be deferred until January 2021.
We will keep you updated with any new information.