Further measures in response to Coronavirus – (COVID-19)

Companies to receive 3-month extension period to file accounts during COVID-19

Companies to receive 3-month extension period to file accounts during COVID-19

As of 25 March 2020, businesses will be able to apply for a 3-month extension for filing their accounts.

This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus.

As part of the agreed measures, while companies will still have to apply for the 3-month extension to be granted, those citing issues around COVID-19 will be automatically and immediately granted an extension. Applications can be made through a fast-tracked online system which will take just 15 minutes to complete.

Please see:

https://www.gov.uk/guidance/apply-for-more-time-to-file-your-companys-accounts

Applying for an extension:

https://beta.companieshouse.gov.uk/extensions?_ga=2.135485106.227783380.1584965618-962621089.1583406783

 

VAT Deferral

For VAT, the deferral will apply from 20 March 2020 until 30 June 2020.

All UK businesses are eligible.

This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. 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 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.

 

Vehicle MOT extension

From 30 March 2020, MOT due dates for cars, motorcycles and light vans will be extended by 6 months. This is being introduced to help prevent the spread of coronavirus.

There is separate guidance about what to do if your MOT due date is up to and including 29 March 2020. https://www.gov.uk/guidance/coronavirus-covid-19-mots-for-cars-vans-and-motorcycles-due-before-30-march-2020

There are different temporary rules for MOT tests for lorries, buses and trailers.

 

Help for larger businesses - Purchase of company debt

The Bank of England will buy short term debt from larger companies under the new COVID-19 Corporate Financing Facility.

There is detailed guidance on the facility on the Bank of England's website, https://www.bankofengland.co.uk/markets/market-notices/2020/ccff-market-notice-march-2020 

 

Tenancies

The new law, likely to come into force very shortly, extends all eviction notice periods from two to three months. The law also allows the government to extend the three month notice period to six months if it chooses.

See also details on commercial tenants https://www.gov.uk/government/news/extra-protection-for-businesses-with-ban-on-evictions-for-commercial-tenants-who-miss-rent-payments

 

Nursery businesses, estate agents, lettings agencies and bingo halls

There is a business rates holiday for nurseries in England for 2020/21.

A property that is:

  • occupied by providers on Ofsted's Early Years Register; and
  • wholly or mainly used for the provision of the Early Years Foundation Stage,

will qualify for relief.

The relief will be given automatically by the relevant local authority; ie the business does not need to make a claim. Detailed guidance for local authorities on the business rates holiday can be found on GOV.UK.

This has been extended to include estate agents, lettings agencies and bingo halls https://www.gov.uk/government/news/covid-19-estate-agents-lettings-agencies-and-bingo-halls-to-pay-no-business-rates-this-coming-financial-year

 

Claiming Universal Credit

People are able to claim Universal Credit, providing they meet the usual criteria.

The following changes related to COVID-19 have been made to Universal Credit:

  • from 19 March 2020, all requirements to attend the Job Centre in person are suspended; and
  • from 6 April 2020:
    • the standard allowance will be increased by £20 per week; and
    • the requirements of the Minimum Income Floor will be temporarily relaxed.

By way of an example, from 6 April 2020, a single Universal Credit claimant aged 25 or over will be entitled to a standard allowance of £409.89 per month.

Support for rent costs is paid through Universal Credit. From April, the government are increasing Local Housing Allowance rates to the 30th percentile of market rents.

A new claim for Universal Credit may be made https://www.gov.uk/apply-universal-credit 

Existing claimants should report a change in their circumstances through their online journal, https://www.gov.uk/sign-in-universal-credit 

HMRC contacting claimants for fourth self-employed grant Start of new tax year ushers in raft of fiscal changes Payment deadline looming for self assessment taxpayers Business rates relief extended with £1.5 billion fund The Coronavirus Job Retention Scheme (JRS) Business rates Self-Employment Income Support Scheme (SEISS) Restart Grants Coronavirus loan schemes Clarity needed on taxation of COVID test costs, says ICAEW Borrowers of Bounce Back loans given six more months for repayments HMRC waives self assessment penalties for a month Chancellor unveils £4.6 billion lockdown grant package Chancellor extends furlough scheme until end of April 2021 Chancellor extends furlough scheme to end of March Furlough scheme extended and changed for new lockdown Chancellor increases financial support for businesses affected by COVID restrictions Job Support Scheme expanded for local lockdowns Lockdown grants welcome but more support needed, say business groups Second round of grants for the self-employed opens ICAEW warns taxpayers have 90 days to notify HMRC of overclaimed COVID-19 grants Ensure interaction between VAT and Eat Out to Help Out is understood, ICAEW urges FSB calls for further help for employers as furlough wind-down begins More firms to benefit from CBILS following changes to loan rules Mixed picture for retail sector, CBI finds Public warned to watch out for top coronavirus scams NIESR calls for furlough scheme to be kept open Committee suggests many have 'fallen through gaps in support schemes' Fifth of small firms expect poor performance in next three months, data suggests UK economy 'still stuck in first gear' FRC urges companies to provide high-quality disclosures on impact of coronavirus Claims deadline approaching for first phase of furlough scheme Lockdown has 'negatively impacted young people's labour market outcomes' Business groups cautious on easing of lockdown restrictions Coronavirus borrowing now over £46 billion Homeworking creates new opportunities for cyber criminals, research finds Welsh government to reduce LTT rate Scottish government to reduce LBTT rate Recovery advice scheme launched for small businesses HMRC scraps benefit-in-kind charge on coronavirus tests Business groups react to Summer Economic Update Chancellor announces Job Retention Bonus in Summer Economic Update Chancellor to deliver Summer Economic Update VAT cut on PPE extended Private sector off-payroll reforms given go ahead for April 2021 LITRG urges self-employed to check eligibility for SEISS FSB finds late payment crisis has worsened during coronavirus lockdown Furlough scheme now covering 9.3 million workers Business warned about rise in impersonation fraud Job retention scheme closing to new entrants Overseas VAT claims subject to COVID delays IoD urges government to support jobs and investment after coronavirus lockdown Government-backed coronavirus lending now over £40 billion Government urged to consider emergency VAT reduction UK public calls for greater transparency on tax avoidance and evasion Businesses urged to reinstate VAT direct debits HMRC updates CJRS guidance for employers HMRC updates guidance for self-employed coronavirus scheme MPs call for VAT reduction to help firms affected by coronavirus LITRG warns self-employed that SEISS is taxable Government extends furlough scheme for parents on statutory leave £35 billion loaned to businesses through coronavirus schemes Business debt 'will slow economic recovery' from coronavirus pandemic, IoD warns Deadline looming for new entrants to Coronavirus Job Retention Scheme HMRC delays VAT reverse charge on construction services One in five highly skilled freelancers face business closure to COVID-19 Strong economic recovery likely, but not certain Over £31 billion borrowed through coronavirus schemes Manufacturers call for coronavirus support Chancellor announces changes to Job Retention Scheme IPSE gives cautious welcome to extension of self-employed scheme Research shows 5.2 million people have fallen victim to scams during coronavirus crisis Coronavirus Statutory Sick Pay Rebate Scheme goes live Government publishes revised Coronavirus Job Retention Scheme legislation Survey suggests one in ten firms cannot implement coronavirus guidance safely IPSE urges government to extend self-employed support scheme Future Fund launches to give start-ups coronavirus support Government set to launch Coronavirus Statutory Sick Pay Rebate Scheme Loan size increased to £200 million under large business interruption scheme BCC survey suggests firms ready for gradual reopening of UK economy One million apply to self-employed grant scheme in 48 hours Close to £15 billion lent through government's coronavirus schemes Chancellor extends Job Retention Scheme until October Self-employed grant scheme to open to applications HMRC extends tax appeal deadline due to pandemic Business groups need more guidance and financial support for return to work UK Finance warns firms over Bounce Back loan repayments Chancellor outlines Winter Economy Plan HMRC publishes guidance on claiming Job Retention Bonus HMRC begins contacting individuals eligible for coronavirus income support scheme Over 110,000 businesses apply for Bounce Back loans on day one Government changes ISA rules to help individuals affected by coronavirus Business leaders eager for lockdown to ease, says IoD Lenders relax evidence requirements for business interruption loan scheme applications CIPD urges government to make Coronavirus Job Retention Scheme more flexible Government launches small business micro loan scheme FSB urges government to increase 80% guarantee on coronavirus business loans Government launches support finder tool for businesses SMEs access £2.8 billion through business interruption loan scheme BCC finds significant number of UK businesses have furloughed employees Coronavirus pandemic 'has already cost SMEs £277,000 each', research suggests Government unveils support package for innovative businesses affected by coronavirus Coronavirus Job Retention Scheme goes live as it is extended to end of June Pensions regulator issues auto-enrolment guidance for pandemic Government widens eligibility for job retention scheme HMRC releases guidance on coronavirus Self-employment Income Support Scheme Coronavirus Job Retention Scheme set to launch on 20 April Chancellor announces financial aid package for charities Firms struggling to access emergency coronavirus loans UK economic output reduces to 31% as result of coronavirus lockdown Chancellor announces changes to Business Interruption Loan Scheme Majority of UK firms have less than three months' cash reserves Government publishes details on coronavirus grant schemes for small businesses Directors on PAYE can furlough under job retention scheme Government relaxes insolvency rules during coronavirus pandemic Bank of England announces £100 billion stimulus package for UK economy HMRC publishes guidance on recognising genuine government contact HMRC urges businesses using VAT deferral to cancel direct debits Chancellor unveils help for self-employed workers Government and financial regulators tell banks to keep lending UK facing 'worst recession in modern history' COVID-19 Business Measures - job retention and tax deferrals Coronavirus Business Interruption Loan Scheme goes live Information for businesses and employers Do directors qualify for the Job Retention Scheme?

Latest Blog Posts


© 2021 Peplows Property. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Peplows Property Tax Experts is part of Peplows Chartered Accountants and is a trading name of Peplows Limited, Registered In England Company Number: 3133714 - Registered Office: Moorgate House, King Street, Newton Abbot TQ12 2LG
A list of Directors is available at the Registered Office
Peplows Limited is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales
Details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C003872129