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Coronavirus COVID-19 UPDATE
Further to any queries you may have submitted to us either via e-mail or telephone we would please ask you read the below to ascertain current governmental guidance.
The government continues to announce support measures for all businesses to assist them with cashflow over the coming months. Below is a link to a list of some of the key measures announced:
Currently a lot of the measures are lacking in detail in terms of how they will be administered and precisely who will be eligible, however:
Key points to note:
It would appear that this will be administered by local authorities. There will be no need to claim the grant – the local authority will contact each business in respect of this. It would appear that this grant is only available to eligible businesses that actually occupy a commercial premises and qualify for small business rates relief.
It would appear that all businesses (regardless of size etc) are eligible to claim under this scheme, which aims to pay a portion of wages of staff that would potentially be laid off due to Coronavirus. Very little detail is currently available in terms of how to claim. The system / portal for making a claim is not yet accessible.
It would appear that the majority of businesses will be eligible for this. Access to the scheme is to be provided through the banking system.
HMRC have confirmed that any VAT liabilities due between 20 March 2020 to 30 June 2020 can be automatically deferred without having to set up a formal time to pay arrangement. It is not yet clear what happens to businesses that pay VAT by direct debit. Our advice would be, if you wish to defer your VAT payments, please cancel your direct debit to ensure that the monies are not automatically taken from your account.
In addition to VAT, HMRC have confirmed that personal tax payments due 31/7/2020 can be deferred. Again, no time to pay arrangement is necessary.
HMRC have not formally confirmed that PAYE or corporation tax liabilities can be deferred.
Companies House have agreed to extend filing deadlines for an additional two months on the proviso that in advance of the initial filing date an application has been made to them to do so. Please be assured that for any accounts that require filing (especially those due to be filed by the end of March 2020) that we have put an extension request in.
Over the past few weeks, we have invested a lot of resource in ensuring that our staff can continue to work and provide you with the service you need. Many of our staff will be working from home but will be able to continue to receive emails from you and communicate with you in respect of any queries you may haveClose