On the 26 March, the Chancellor announced further measures for the self-employed to help cope with the financial impact of Coronavirus, called the Coronavirus Self-employment Income Support Scheme.
Our latest summary on self-assessment payments and the updates from HMRC.
Following the Chancellors’ Covid-19 update last week and other government announcements, read how the UK government will be supporting businesses during the Coronavirus pandemic in relation to VAT.
After the Government’s announcement on Friday 20 March that all bars, pubs and restaurants must close, there is hope that this will be a short-term shock for the Hospitality sector.
As Boris Johnson placed the UK on a three-week ‘lockdown’, and the Foreign Commonwealth Office (FCO) advised UK nationals who are travelling abroad to return home immediately if possible, HMRC’s earlier clarity over ‘exceptional circumstances’ is welcomed, but still leaves some questions.
With the whole of England now essentially in ‘lockdown’ from midnight on Monday 23 March, the raft of measures being announced by the government to support the economy our now needed more than ever.
With the further announcements from the Government, there will inevitably be a significant impact on businesses and the economy in general.
A summary of the key points from the Chancellor’s announcements on Friday 20 March and the payroll implications.
The new offer from HMRC is far more comprehensive and will greatly help businesses in the short term.
In this current crisis, the support from the Government and the Bank of England could well see us through this crisis without an unprecedented rise in company insolvencies.