Last updated: 23 March 2020, 10:47.
Here’s a quick summary of practical help notified by the Chancellor.
You can read the latest advice and guidance from government for businesses on its coronavirus pages.
Most recent changes to the Coronavirus Job Retention Scheme
- Coronavirus Job Retention Scheme now extended ot the end on June
- Cut-off date for Coronavirus Job Retention Scheme extended to 19 March 2020
- To qualify and to protect against fraudulent claims, individuals originally had to be employed on February 28 2020.
- Employers can claim for furloughed employees that were employed and on their PAYE payroll on or before 19 March 2020. This means that the employee must have been notified to HMRC through an RTI submission notifying payment in respect of that employee on or before 19 March 2020.
Coronavirus Job Retention Scheme
The next quarter of VAT payments will be deferred, meaning businesses will not need to make VAT payments until the end of June 2020. Businesses will then have until the end of the 2020-21 tax year to settle any liabilities that have accumulated during the deferral period.
The deferral applies automatically and businesses do not need to apply for it. VAT refunds and reclaims will be paid by the government as normal.
Income Tax payments
Self-employed people can now access full universal credit at a rate equivalent to statutory sick pay.
HMRC Time to Pay
HMRC’s Time to Pay scheme can enable firms and individuals in temporary financial distress as a result of Covid-19 to delay payment of outstanding tax liabilities. HMRC’s dedicated Covid-19 helpline provides practical help and advice on 0800 0159 559.
Business Rates holidays and cash grants
Coronavirus Business Interruption Loan Scheme
COVID-19 corporate financing facility
Mortgage and rent holiday
Businesses that have cover for both pandemics and government-ordered closure should be covered. The government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres, etc., is sufficient to make a claim as long as all other terms and conditions are met. Insurance policies differ significantly, so businesses should check the terms and conditions of their specific policy and contact their providers.