Help for businesses but delayed buses do arrive eventually!

The chancellor announced, last week, some important assistance for businesses via the VAT and Income Tax regime to help with the coronavirus outbreak.

For all businesses in the UK there is a three-month payment deferral from 30th March to 30th June 2020. No VAT payment will be required during this period and businesses will have until the end of the 2020/21 tax year to pay sums that have accrued during this period. Businesses can still reclaim VAT during this period in the usual way, so it will still be necessary to file VAT returns.

For those of us who are self-employed, the July tax payment is deferred until 31st January 2021.

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Both of these moves will assist with cash-flow across all businesses.

However, these liabilities are not cancelled. They are delayed. They will still need to be paid. It is still important for all businesses and self-employed workers to make provision. We all know how it feels when all the buses come together!

It is regrettable that the government has not yet announced more helpful measures for the self-employed, in line with the coronavirus job retention scheme. Hopefully this will not be too far away.

https://www.bbc.co.uk/news/uk-51984275