Latest financial advice regarding Coronavirus (COVID-19)

 In Coronavirus, Tax Hell

My accountant has just sent me this information, which I think is spot on:

All help announced and offered by the government is going to take time to get set up, we currently do not know any more details and it is still unknown exactly how we will be able to claim for any of the schemes.

For example: –

Grants
Coronavirus Job Retention Scheme

Reimbursement of SSP

Help for Self-Employed

This was announced last night and what we have really been waiting for, see the link below for additional info… we don’t yet know exactly who this can apply to yet

https://publications.parliament.uk/pa/bills/cbill/58-01/0122/amend/coronavirus_daily_cwh_0320rev.14-18.html?fbclid=IwAR21Mhj104dyUK74eX-2N4FXDIgn2NAbQi9nKQNdlprOclzD4ILmcdWFv7s

My immediate advice for anyone who is experiencing cashflow difficulties is to consider the following first: –

  • Deferment and time to pay arrangements for all taxes (note that HMRC are automatically offering no VAT Payments between 20/03/2020 and 30/06/2020, these will be deferred until the end of 2020/2021)
  • Mortgage breaks
  • Business Interruption Loan – please see the link below

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-through-the-coronavirus-business-interruption-loan-scheme

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