In these unprecedented times, we have been receiving a high volume of calls from our clients asking for advice. As a result, we have put together a series of guides as a way to update everyone with the latest news and guidelines.

Please also refer to our News pages by following this link.

All information on this Summary will be regularly updated in line with Government advice as it is published.

We are trying to provide information to our clients as these new schemes are being announced and so we hope the below library will provide a good starting point. We shall endeavor to update these links as new detailed provisions emerge.

Sophie Howard FCA

VAT

HMRC have agreed to defer Value Added Tax (VAT) payments for 3 months and all UK businesses are eligible. 

The deferral will apply from 20 March 2020 until 30 June 2020 and this is an automatic offer with no applications required. 

Businesses will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. 

Please note HMRC will still expect you to submit your VAT returns to them on time, but will not charge interest or penalties on any amount deferred as a result of the Chancellor’s announcement.

Last Updated: 15 April 2020

Income Tax

All Income Tax Self Assessment payments due on the 31 July 2020 will be deferred until the 31 January 2021.  

This is an automatic offer with no applications required. Please note the following:  

  • No penalties or interest for late payment will be charged in the deferral period. 
  • HMRC have also scaled up their ‘Time to Pay’ offer to individuals who have outstanding tax liabilities.  

If you need to speak to HMRC regarding a tax payment, we recommend that you call HMRC direct on 0800 015 9559.

If you prefer to pay regularly throughout the year, HMRC can offer a budget payment plan.

Last Updated: 15 April 2020

Companies House and Filing Deadlines

You should, if you are able, continue to file your accounts online, but if your accounts will be later because of COVID-19 you can apply for an automatic and immediate 3 month extension to file your accounts. 

Please note you must apply before your filing deadline date.

You can do this online by following the below link: 

https://beta.companieshouse.gov.uk/extensions?_ga=2.146329780.1639197876.1585129996-1637025097.1577738477

Alternatively, phone Crowthers for assistance with this.

Last Updated: 26 March 2020

Other Financial Support

You might also be able to get New Style Employment and Support Allowance if one or the following applies:

  • you or your child might have coronavirus or you’re recovering from it
  • you or your child are self-isolating because you came into contact with someone who might have coronavirus
  • you have been told to stay at home for at least 12 weeks by the NHS because you’re at high risk of severe illness

For more information on how to claim please see the following link:

https://www.gov.uk/employment-support-allowance/how-to-claim

Last Updated: 05 June 2020