Coronavirus – an HMRC update – F9 Consulting

Coronavirus – COVID-19

You may have seen in the recent Budget delivered by Rishi Sunak, that in view of the expected impact of Coronavirus COVID-19, the Government has introduced a package of measures to provide support for public services, individuals and businesses to ensure the impact is minimised.

A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses with a turnover of no more than £41 million to apply for a loan of up to £1.2 million, with the government covering up to 80% of any losses with no fees. This will unlock up to £1 billion pounds to protect and support small businesses.

For businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the government in full. This will provide 2 million businesses with up to £2 billion to cover the costs of large-scale sick leave.

A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities caused as a result of COVID-19 to include VAT, Corporation Tax, CIS Payments and Self Assessment liabilities) to receive support with their tax affairs.

Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If this does affect you and you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.

There will be a £3,000 cash grant to 700,000 of our smallest businesses, delivered by Local Authorities, and worth a total of £2 billion.

Finally, the government is temporarily increasing the business rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value. Nearly half of all business properties will not pay a penny of business rates.

F9 Consulting are on hand and can help you and your business with these difficult times if you are affected by the Pandemic. If you have any questions on the above please do not hesitate to contact us today.

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