If you a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the options of:

• defer the payment until a later date, paying any vAT due on or before 31 March 2021; or
• pay the VAT due as normal

VAT reclaims and refunds will be processed and paid as normal during this time
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​YOU DO NOT NEED TO APPLY or inform HMRC that you are deferring your payment, You will however still need to submit your VAT returns to HMRC on time, as usual.

​If you normally pay by direct Debit, you should cancel this payment ASAP if you are deferring payment, just in case HMRC's systems attempt to automatically collect on receipt of the VAT return.
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Government have announced mortgage lenders are to help those struggling to pay as a result of the coronavirus outbreak by providing 3 month payment holidays. However, if you were already in arrears prior to the outbreak this may affect you ability to obtain such support.
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Protection is also offered to renters, as landlords will be able to seek support from mortgage lenders. Again if you were already in arrears prior to the outbreak this may affect you ability to obtain such support.

If you are struggling, in the first instance you should contact your mortgage provider or landlord

British energy suppliers have joined with the Government to help the most in need. Vulnerable customers can seek support with their utilities on the whole for a period of 3 months.

This include those on pay-as-you-go meters. who are unable to leave their house. Which could include sending someone else to top up their card, having a pre-loaded gas or electricity card sent to them in the post, or having funds added to their credit.

The 2020 Budget saw the Chancellor unveil an ‘historic’ spending rise with some eye-watering sums, covering both the immediate challenge of the corona virus and the threat of recession, identified by the Office for Budget Responsibility.
Funded through £130 billion of extra borrowing rather than tax rises, though revenue raised from Corporation tax and Entrepreneurs’ Relief, and deficits becoming permanent rather than being phased out.

BUDGET FOR THE CORONAVIRUS
The measures complemented the emergency rate cut from the Bank of England and provide financial bridge during the outbreak, these measure include;

• Statutory Sick Pay from the first day off work for all those advised to self-isolate. This paid by the employer, but businesses with less than 250 employees can reclaim the cost for 14 days of isolation, even if they have not presented with symptoms.
• Self employed workers who are not eligible will be able to claim Employment and Support Allowance (ESA) from day one of “illness” worth £73.10 per week (£57.90 for under 25s)
• Firms with less than 250 staff will be refunded for sick pay payments for two weeks

In addition, funding has been made available to support businesses.

• Small firms will be able to access Business Interruption Loans of up to £1.2m
• Business Rates in England will be abolished for firms in the retail, leisure and hospitality sectors with a rateable value below £51,000; and
• Business Rates Discount  for pubs to rise from £1,000 to £5,000 per year
• Councils will also have access to hardship fund to help vulnerable people in their area.

As well as support for the NHS.

OTHER KEY MEASURES
For other key budget measures and their implications of these, See Our News section

RELATED ARTICLES:
-  Budget 2020