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On Thursday evening the Government published further details of the Coronavirus job retention scheme designed to support employers whose operations have been severely affected by the Coronavirus (“CV”) outbreak.  

The Chancellor has just made his statement on the scheme to support self-employed people during the Coronavirus outbreak.  The scheme will deliver a taxable grant of up to £2,500 for a maximum of three months (although this may be extended if needed).  The level of grant will be determined based on 80% of the average monthly profits of the self-employed person for the last three years (or for the number of years they have accounts for if less).

For many, the biggest financial outgoing will be your monthly mortgage payments.

Many high street businesses that have closed due to Covid-19 restrictions will now be exempt from business rates for 2020-21. The Government has now announced that some of the exclusions for this relief have been removed to include estate agents, lettings agencies and bingo halls who will now be exempted.

From 6 April 2020, HMRC have introduced a 30 day reporting requirement for disposals of residential properties where a taxable capital gain arises – this can include gifts where no consideration is payable.

Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.

The Coronavirus Business Interruption Loan Scheme (CBILS) is now available for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cash-flow because of Covid-19.

On Friday evening the Chancellor Rishi Sunak announced the Job Retention Scheme under the Governments support during the Coronavirus update.

We have pulled together some further information on this.

On Friday evening the Chancellor Rishi Sunak announced a further package of Coronavirus support for businesses.  The measures announced are entirely unprecedented and take the country into uncharted waters in terms of the level of support now being offered.  The key points for businesses were the Job retention scheme, Deferral of VAT payments, Deferral of self-assessment tax payments and Business interruption loan scheme.

During the current Coronavirus outbreak with have updated some guidance on Statutory Sick Pay (SSP) and time to pay arrangements for HMRC.

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