TAX AND VAT COVID - 19 UPDATES

SELF EMPLOYED

If you are self employed and have not yet submitted your 2019 tax return, you only have a few weeks left to submit it and get help from the government if you have been affected by COVID-19.


If you need help please get in touch:


info@perceptionaccounting.com

VAT DEFERRALS

If you have deferred your VAT payment that was due between 20th March 2020 and 30th June 2020 you have until 31st March 2021 to pay it. 

BUSINESS RATES GRANT

All businesses in England in receipt of small business rates relief will be eligible for a £10,000 grant to help with running costs. 


Businesses in retail, hospitality and leisure will get £25,000 if they have a rateable value of between £15,001 and £51,000.


Look on your local authority website to apply. 


Previous advice said there was no need to apply as it would be automatic, but this does not appear to be the case now.


Please make sure you apply or you will not receive the grant.

FURLOUGHED WORKERS

If you have no work for your employees due to COVID-19 you can furlough them and you can claim 80% of their salary from HMRC upto a maximum of £2500 per month per employee.  There will be a portal on HMRC to make the claims.  This is for employees that you would otherwise have had to lay off due to COVID-19.  The employee cannot do any work during the time they are furloughed.  PAL will  be dealing with claims on behalf of their payroll clients that are affected

VAT

VAT payments are deferred for 3 months.

If you have a direct debit set up you MUST cancel it or payments will be taken automatically.  If you currently have a payment plan for overdue VAT payments you will need to contact HMRC to ask for approval of deferral.  HMRC are, as you can expect very busy at this moment in time, but they are also very accommodating.

PERSONAL TAX PAYMENTS

All payments due on 31st July 2020 are now deferred until January 31st 2021

FURTHER UPDATES COMING SOON