The Chanecllor has announced measures for the Self Employed, those businesses that have taken out loans, and taxes
This purely temporary and limited help is in 5 forms
The introduction of the Job Retention Bonus with eligibility requirements
Incentives to take on new employees/apprentices
A very limited and temporary Eat Out to Help Out scheme
A temporary vat reduction for some of the hospitality trade
A temporary increase in the stamp duty threshold
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 Pension Regulator has published the following statement
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
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. HMRC expect the scheme to be up and running by the end of April.
The income support scheme will cover the three months to May. Grants will be paid in a single lump sum instalment covering all 3 months, and will start to be paid at the beginning of June.
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.
What is it?
Under the coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.
To protect our team members and clients we have decided to close our offices from Monday 23rd March 2020 until further notice. We have robust and tested plans that will allow partners and staff to:
HMRC have launched a new helpline to help businesses concerned about paying their tax due to coronavirus (COVID-19). 0800 0159 559