The Coronavirus Business Interruption Loan Scheme (“CBILS”) was announced by the Government, and opened for applications from 23 March 2020. CBILS allows UK companies with viable businesses to respond to cash flow issues during the COVID-19 outbreak.
Following the UK Government’s 3-week lockdown across the UK and the earlier measures introduced to try and address the COVID-19 pandemic, millions of individuals are now faced with the requirement to work from home. The stricter measures imposed and spending your “9 to 5” at home may lead to employees finding themselves out of pocket from electricity and gas bill increases, to expenditure on stationary. However, there are tax reliefs available on the increased expenditure for employees and ways in which employers can assist their employees who are required to work from home.
Many businesses will have been working hard to try and meet the 1 April 2020 deadline for the end of HMRC’s Making Tax Digital (MTD) for VAT soft-landing. This was the date from which taxpayers had to have a complete digital audit trail under MTD.
Over the weekend, the Government announced further measures designed to support businesses through the COVID-19 crisis. These included the welcome news that the wrongful trading rules will be relaxed from 1 March 2020, relieving the pressure on directors of potential personal liability for trading on whilst insolvent.
Even before the forthcoming Construction Reverse charge changes impact on the Property and Construction industry, businesses in these sectors have to navigate on of the most complex areas of VAT.
The Government has been under immense pressure to provide support to self employed individuals in the same way it has to employees via the Job Retention Scheme. This support has finally been announced today as the “Coronavirus Self Employment Income Support Scheme” following consultation between the Government and other agencies such as the TUC and Federation of Small Businesses.