Coronavirus Outbreak: Advice for Businesses
The UK Government’s response to coronavirus (COVID-19) was initially announced in the Chancellor’s Budget 2020 speech recently and has been subsequently added to in recent briefings and press conferences. It includes measures looking to protect businesses from the economic impact of the pandemic. With all small and medium-sized businesses (SMEs) in the UK now facing a much more challenging year we have compiled some of the key details below to help.
- The Government and mortgage lenders have reached an agreement so that lenders will support their customers who are experiencing difficulties as a result of coronavirus. This includes measures such as payment holidays of up to 3 months. In certain cases the interest on the outstanding loan will still accrue but your credit rating will not be effected.
- In a similar measure mortgage lenders will be providing the same conditions to buy-to-let mortgages where the landlord can show their tenants are experiencing difficulties as a result of the coronavirus outbreak.
- Government advice to the public to avoid pubs, clubs and other amenities has been confirmed as sufficient for those businesses to claim on their business interruption insurance where they have appropriate cover in place for pandemics.
- Planning regulations will now be relaxed so that pubs and restaurants can provide a takeaway service without a planning application. This measure is designed to help the food and catering industry.
Please check the following link on the HM Treasury site for all the latest announcements and details: COVID-19: support for businesses.
Time To Pay
HMRC will discuss your specific circumstances if you are unable to pay any taxes due during the coronavirus outbreak, you can explore the following options including:
- An instalment arrangement
- Suspending debt collection proceedings
- If you have any administrative difficulties contacting HMRC immediately there may be the possibility of cancelling the resulting penalties and interest
For more details please refer to the following page on the Gov.uk website: If you cannot pay your tax bill on time
For our clients we offer a Tax Protection Insurance which helps your peace of mind in the event of any tax investigation. Please ask out dedicated Team for more details – click here.
Monitoring Your Cashflow
It is critical for SMEs to be paying close attention to their cashflow in the coming months. If this is something you would feel more comfortable outsourcing then we would be very happy to help. Please use the button below to start a conversation with us.