The next quarter of VAT payments will be deferred, meaning businesses will not need to make VAT payments until the end of June 2020. Businesses will then have until the end of the 2020-21 tax year to settle any liabilities that have accumulated during the deferral period.

Businesses will need to submit their returns in the normal way, and will need to cancel their Direct Debit instruction if they wish to avail of the deferral. Otherwise payments will be taken as normal. VAT refunds and reclaims will be paid by the government as normal.

Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period.

Self-employed people can now access full universal credit at a rate equivalent to statutory sick pay.

HMRC’s Time to Pay scheme can enable firms and individuals in temporary financial distress as a result of Covid-19 to delay payment of outstanding tax liabilities. HMRC’s dedicated Covid-19 helpline provides practical help and advice on 0800 0159 559.

• The scheme will pay 80% of individuals average monthly profits up to a maximum of £2,500 per month.
• This will be calculated on the last 3 years of trading profits and you must have submitted a 2019 Tax Return. Those who have only submitted one, or two, years may still apply.
• We do not yet have details of how to process applications, HMRC are currently designing a system to do this.
• The money should be available by the beginning of June.
• Those in partnerships are also eligible.

You are NOT eligible if

• The majority of your income does not come from a Partnership/Self-Employment.
• You have not submitted a 2018/19 Self-Assessment return, though I believe there is a small window of opportunity to file late or did not start trading until after 5th April 2019.
• Your trading profits are above £50,000 per-year

• No rates payable for the 2020-2021 tax year for any business in the retail, hospitality or leisure sectors.
• In those sectors, if your rateable value is between £15K and £51k, you’ll also receive a cash grant of up to £25,000 per property.
• Any business which gets small business rates relief, including those in the retail, hospitality or leisure sectors, will receive a cash grant of £10,000 (increased from £3,000 announced in the 11 March Budget).
• The rates holiday and cash grants will be administered by Local Authorities and should be delivered automatically, without businesses needing to claim.

• For small and medium-sized businesses, a new Coronavirus Business Interruption Loan Scheme (CBILS), delivered by the British Business Bank, will provide support for businesses to access a wide range of funding facilities including overdrafts, loans, asset finance and invoice finance.
• The government will provide lenders with a partial guarantee of 80% on each loan to give lenders further confidence in continuing to provide finance to SMEs.
• The government will not charge businesses or banks for this guarantee, and the scheme will support loans of up to £5 million in value. The first 12 months of these loans will be interest and fee free, as the Government will cover these payments.
• Businesses will be able to get finance under the scheme from many providers including the main high street banks.
• To be eligible for the scheme the business must be based in the UK, with turnover of no more than £45 million per year.
• There is a quick eligibility checklist on the British Business Bank website to help businesses understand if they are eligible to apply for a CBILS-backed facility,
• More information on the scheme can be found on the website of the British Business Bank

Mortgage borrowers can apply for a three-month payment holiday from their lender. Both residential and buy-to-let mortgages are eligible for the holiday. It is important to remember that borrowers still owe the amounts that they don’t pay as a result of the payment holiday. Interest will continue to be charged on the amount they owe. You will pay more interest and maybe fees and the life of your mortgage may well be extended.

• If you’re a director of a limited company with less than 250 employees, you can pay yourself two weeks of SSP if you need to self-isolate subject to meeting the minimum payroll requirement for SSP.
• The government will refund £94 per week, maximum £188, to your company.
• It will also refund SSP for staff of businesses with less than 250 employees for up to two weeks.

Coronaviruses are a ‘type’ of virus. The coronavirus we are all hearing about is called COVID-19, but you may also hear it called – coronavirus.

The evidence shows us that the vast majority of people who get this virus have relatively mild symptoms and make a full recovery. But in a small percentage of cases, the virus can cause more severe symptoms. This is particularly true for people with a weakened immune system, for older people and for those with long term conditions like diabetes, cancer and chronic lung disease.

If you are infected you may have very minor symptoms, minor symptoms or more severe symptoms, but the NHS cites two symptoms to look out for as:

• A new continuous cough
• A fever or high temperature

For more information check https://www.nhs.uk/conditions/coronavirus-covid-19/

• Protect others – don’t call NHS 111
• Protect others – don’t call, or go to your GP
• Protect others – don’t go to your local hospital

If you live alone – isolate yourself at home immediately for 7 days

If you live with others – you should all isolate yourselves at home for 14 days – this 14-day period starts from the day the first person in the home noticed the symptoms

For further information read this government advice on staying at home and isolating.

• You can’t manage with your symptoms at home
• Your conditions get worse
• Your symptoms do not get better after 7 days

You should use the online 111 service or if you can’t use the online service call 111