Today HMRC has announced that Self Assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌ ‌February. We are still encouraging customers who have not yet filed to do so by 31‌‌ ‌January, if possible.

The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked.

The government and firms will continue to top up the wages of workers who have not been able to return to the workplace full time due to the virus

The Chanecllor has announced measures for the Self Employed, those businesses that have taken out loans, and taxes

The Coronavirus Job Retention Scheme (CJRS) has been winding down gradually over the past couple of months, with a large portion of furloughed employee wage costs still being met by the government. 

To provide government support during the early stages and peak of the COVID-19 pandemic, HMRC gave businesses the option to defer VAT payments if they were unable to pay on time. They could do this without incurring late payment interest or penalties.

This purely temporary and limited help is in 5 forms

1. The introduction of the Job Retention Bonus with eligibility requirements

2. Incentives to take on new employees/apprentices

3. A very limited and temporary Eat Out to Help Out scheme

4. A temporary vat reduction for some of the hospitality trade

5. A temporary increase in the stamp duty threshold

Including

an extension to the CJRS Furlough scheme with reductions

one final extension to the Self Employed Income  Support