Its good news for customers and technology providers. The delay will hopefully buy time for many businesses that were looking at MTD compliance only, enabling them to take a breath and review how they approach Phase 2 of MTD.
The Chanceller has, overnight, announced measures to make it easier for Businesses to get Coronavirus Business Interruption Loans,
- No longer any need to have aplied for "ordinary" loan first
- Banks told not to ask for personal guarntees for loans under £250,000
An update from the Government refers to an impending change to the current insolvency regime to assist businesses during the ongoing COVID19 outbreak. Whilst he was not specific on the extent of the changes, he did refer to a moratorium on Wrongful Trading against directors. The changes will be applied retrospectively to 1st March 2020 and will be in force for three months.
Businesses can apply for an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.