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 Chanecllor has announced measures for the Self Employed, those businesses that have taken out loans, and taxes
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
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.
HMRC have also released a longer video which explains in more detail about the grant, eligability and how to claim
HMRC have today released a 2 minute vdeo about using the Self Employed Income Support Scheme eligability checker
The government will release a series of papers next week outlining its approach on how to safely and gradually restart the economy.
The Pension Regulator has published the following statement
COVID-19: Company Directors & Shareholders. Many small companies are run by just one or two directors and have no other employees. Such directors particularly sole directors may have issues with claiming government assistance.
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 Welsh Government and the Development Bank of Wales have announced the £100m Covid-19 Wales Business Loan Scheme to support businesses affected by the Covid-19 outbreak.
Workers who have not taken all of their statutory annual leave entitlement due to COVID-19 will now be able to carry it over into the next 2 leave years.
- Government to amend regulations to allow annual leave to be carried over into the next 2 years
- measures will ensure workers won’t lose their leave entitlements
- move gives flexibility to business at a time when it is needed most
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.
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: