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Deferment of 31 July 2020 Income Tax Liabilities

Any income tax payments that you were due to pay by 31 July 2020 will be deferred until 31 January 2021.

Eligibility

This applies to all taxpayers.

Change to insolvency law to support businesses under pressure

Businesses feeling increasingly under pressure due to the current global health crisis have been thrown a lifeline. Insolvency rules have been relaxed retrospectively from 1 March 2020 for three months.

Grant for recipients of Small Business Rate Relief

This grant is a one-off cash amount of £10,000.

Grants & Rates relief for Retail, Hospitality or Leisure businesses

This scheme offers a business rates holiday.  No rates will be payable for the 2020-2021 tax year.

Corporate Financing Facility (CCFF)

Under this new facility, the Bank of England will buy short-term debt (of up to one-year maturity) from larger, non-financial companies.

Statutory Sick Pay (SSP) relief for small and medium sized businesses (SMEs)

Small-and medium-sized businesses and employers can reclaim Statutory Sick Pay (SSP) paid out to employees. This will cover up to two weeks’ SSP per eligible employee absent due to coronavirus.

Statutory Residence Test (SRT) update

The SRT determines an individual’s residence status for UK tax purposes.

COVID 19: Government support for the self-employed

On Thursday 26 March 2020, the chancellor responded to much public pressure to announce support for the self-employed during the COVID-19 pandemic, after support schemes were introduced recently for businesses and employee

COVID-19 Job Retention Scheme – further guidance

Further to our blog on 21 March regarding the Job Retention Scheme [click here], the government has now issued further guidance on how the s

COVID-19: Further update on VAT payment deferments

Following our blog posted on 21 March [Click here], HMRC have now issued their guidance which clarifies the detail and addresses some of the questions

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