The current situation has impacted many of the businesses in the UK. Brigad has gathered some information that could potentially help you gain some benefits and advantages in crisis that we are all going through right now. We have prepared and gathered many insights that could be beneficial for you in order to get some help from the government, check below some of examples:
Your limited company’s annual accounts - called ‘statutory accounts’ - are prepared from the company’s financial records at the end of your company’s financial year. You need to send your annual accounts filing to Companies House. You have different deadlines for sending your accounts to Companies House and your tax return to HMRC, but you may be able to send them at the same time.
Statutory accounts must include:
You might have to include an auditor’s report - this depends on the size of your company. 📍 Extend your account filing deadline
To help businesses to manage their cash flow, the Government announced it is deferring Valued Added Tax (VAT) payments for 3 months. If you’re self-employed, Income Tax payments on account due in July 2020 under the Self Assessment system will be deferred to January 2021.
For VAT, the deferral will apply from 20th March 2020 until 30th June 2020. All UK businesses are eligible. Helpfully, the deferral is automatic. Businesses will not need to make a VAT payment until after 30th June 2020. Businesses will be given until the end of the 2020/21 tax year (5th April 2021) to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.
Due to the current COVID-19 pandemic crisis, HMRC has taken the decision to postpone the off-payroll working regime that will not take effect until April 2021 (this scheme was planned to start in April 2020).
The government announced a new temporary Coronavirus Business Interruption Loan Scheme (CBILS), delivered by the British Business Bank, launched on 23rd March 2020 to support primarily small and medium-sized businesses to access bank lending and overdrafts.
The scheme is for businesses with viable borrowing proposals, up to £5 million in value, that the COVID-19 outbreak has ‘interrupted’. Businesses can access the first 12 months of that finance interest-free, as the government will cover the first 12 months of interest payments. Businesses are eligible for the scheme if they:
When the scheme was announced it was not open to businesses who could access loans on commercial terms. However, the government agreed these businesses can access the scheme if they self-certify the impact coronavirus has had on them and they have a viable borrowing proposal. Another change to the scheme means lenders cannot ask directors for personal guarantees on any loans under £250,000. Businesses with loans over £250,000 will have recoveries capped at 20 percent of the outstanding CBILS facility amount.
The changes are backdated to 23rd March 2020.
To protect businesses during this period, commercial tenants who are unable to pay rent because of coronavirus will be protected from evictions. will mean no business will be forced out of their premises if they miss a payment in the next 3 months.
More information on www.gov.uk
You’re eligible if your property is a: Shop, restaurant, café, bar or pub, a cinema or live music venue, assembly or leisure property (sports club, gym or spa), hospitality property (hotel, guest house or self-catering accommodation) There will be no business rates for the 2020 to 2021 tax year to pay for those businesses.
If you are eligible for the small business rate relief (SBRR), you can be eligible for the Small Business grant fund too.
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time to Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. You are eligible if your business pays tax to the UK government and has outstanding tax liabilities.
Our advice to any of our customers who have missed a tax payment, or who believe they are at risk of missing the next payment due to COVID-19, is to call HMRC’s dedicated helpline on 0800 0159 559. If you’re worried about a future payment, call HMRC nearer the time.
To help small and medium-sized businesses, HMRC has launched the coronavirus Bounce Back Loan that could enable you to borrow between £2000 to £50.000 with no interest fees for the first 12 months.
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