COVID 19 Business Help Guide - Page 5



VAT
All UK businesses will be eligible to
defer VAT payment from 20 March
2020 until June 20 2020. The good
news is that this is automatically
applied and you don’t need to do
Industry specific help for retail, hospitality
and leisure businesses
Businesses in the retail, hospitality and leisure sectors in England will not have to
pay business rates for the 2020-21 tax year and will be eligible for a cash grant of
up to £25,000 per property. Both these measures will be automatically triggered
anything and so it’s one less thing to
by your local authority and so you don’t need to do anything or contact anyone.
worry about.
In addition, cash grants are available up to £25,000 per property, business with
a rateable alue of up to £15,000 will receive a grant of £10,000 and those with a
Taxpayers will be given until the end
of the 2020 to 2021 tax year to pay
any liabilities that have accumulated
during the deferral period. VAT
rateable value of between £15,000 and less than £51,000 will receive a grant of
£25,000. Similar schemes are available elsewhere in the UK and our advice it to
check your local authority website.
refunds and reclaims will be paid by
the government as normal.
Customers who normally pay by direct
debit should cancel their direct debit
with their bank if they are unable to
pay. Please do so in sufficient time
so that HMRC do not attempt to
automatically collect on receipt of
your VAT return.
TOOLKIT
HMRC Coronavirus
Helpline
ABI
Business Insurance
Income Tax
if you are due to pay your second self-
HMRC Coronavirus Helpline
assessment payment on account on 31
Telephone: 0800 015 9559
July 2020 payments MAY be deferred
until 31 January 2021 and there are
no penalties or interest applied for
Self-Assessment Payment Helpline
Telephone: 0300 200 3822
late payment. However, if you have the
Payment Support Service
funds available you may still prefer to
Telephone: 0300 200 3835
pay as usual.
Time to Pay
HMRC have scaled up their time to
pay to all firms and individuals who
Business Insurance
Check your commercial insurance policy wording to see if it covers you for
government ordered closure and pandemics or government ordered closure and
are in temporary financial distress
unspecified notifiable disease should be able to make a claim (subject to the terms
as a result of COVID-19 and have
and conditions of their policy).
outstanding tax liabilities. You may
be eligible if your business pays tax
The bad news is that most policies are unlikely to cover you. Of course, insurance
to the UK government and if you have
policies are significantly different from business to business and even sector to
outstanding tax liabilities. However,
sector and so check your wording.
it is imperative that you alert HMRC to
any problems you may have as soon
The Association of British Insurers warn: ‘Standard business insurance policies
as possible and arrangements are
are designed and priced to cover standard risks and are therefore very unlikely to
agreed on a case by case basis.
provide cover for the effects of global pandemics like Covid-19.’
5

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