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HMRC Latest Financial Measures 23 March

HMRC have now released further guidance following Fridays (20/03/2020) announcements regarding the new financial measures to assist business and employees. Details of these are included below.

Support available Eligibility How to access Further details
Coronavirus job retention scheme
  • All UK businesses are eligible
  • Designate affected employees as ‘furloughed workers,’ and notify your employees of this change – changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation
  • Submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (HMRC will set out further details on the information required)
  • HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month.
  • HMRC are working urgently to set up a system for reimbursement.
  • Existing systems are not set up to facilitate payments to employers
Coronavirus Business Interruption Loan
  • If your business is UK based, with turnover of no more than £45 million per year; and
  • If your business meets the other British Business Bank eligibility criteria
  • Talk to your bank or finance provider (not the British Business Bank) as soon as possible and discuss your business plan with them
  • The scheme will be available from early next week commencing 23 March
Defer VAT payments
  • All UK businesses are eligible
  • Automatic offer with no applications required
  • The deferral will apply from 20 March 2020 until 30 June 2020
  • Businesses will not need to make a VAT payment during this period
  • Taxpayers will be given until the end of the 2020/21 tax year to pay any liabilities that have accumulated during the deferral period
  • VAT refunds and reclaims will be paid by the government as normal
Defer personal tax payments on account
  • If you are self-employed you are eligible
  • Automatic offer with no applications required
  • No penalties or interest for late payment will be charged in the deferral period

Full details can be found below.