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ISVA Members: Covid-19 Guidance can be found in the Information and Policies section of the Members Area
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Covid-19: Business Updates

From Linda Cooke, ISVA Records & Administration

The following business updates may be of interest and assistance.

Please note that the advice was provided to the ISVA and not to its individual members.  You should seek independent advice from your own professional advisors before taking any action based upon the information presented below.


From Joshua Finn CA, Joshua Leigh & Co

Friday 27 March 2020

Self-employment Income Support Scheme

This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months.

All the detailed information, guidelines and criteria can be found here:

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Updated Income Tax Deferment Facility

In the last 24 hours HMRC have also confirmed that the option to defer the July 2020 payment on account until 31 January 2021 will apply to all taxpayers, not just the self-employed.

No application is required and no late-payment interest or penalties will be charged on payments deferred to 31 January 2021, but those who are able to make their July payment on account are being advised to do so.

VAT payment deferral

The deferral will apply from 20 March 2020 until 30 June 2020.

  • This is an automatic offer with no applications required.
  • Businesses will not need to make a VAT payment during this period (but VAT Returns should still be submitted as normal).
  • 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.

The Coronavirus Job Retention Scheme: furlough guidance

HMRC have published further guidelines here:

https://www.gov.uk/guidance/check-if-you-could-be-covered-by-the-coronavirus-job-retention-scheme

and

https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

 

Further clarity and comments, with some examples can be found here:

https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/coronavirus-job-retention-scheme-furlough-guidance

 

One of the remaining issues, is whether a sole director can still be furloughed. We are hoping this point will be clarified (by ICAEW/ICAS) with the Treasury ASAP.


From Joshua Finn CA, Joshua Leigh & Co

Wednesday 25 March 2020

 

Business Rates

Many high street businesses (including estate agencies) that have closed due to Covid-19 restrictions will now be exempt from business rates:

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

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