Anna’s Accountancy Alerts – March 2020 Week 51 – Important Updates

Business woman in office

TTS

Government Announces 12-Month Delay To IR35 Off-Payroll Tax Roll-Out

The Government has announced it will delay the roll-out of new IR35 Off-Payroll Tax rules for 12 months.

According to the Stop The Off-Payroll Tax, the contracting sector campaign group against the IR35 Off-Payroll Tax roll-out, the decision was taken following “significant pressure” from campaigners and contractors.

Chancellor Unveils ‘Unprecedented’ £330bn Package To Fight Covid-19 Impact

The one-year rent holiday for all businesses of a rateable value below £51,000 now covers businesses of all sizes – “irrespective of rateable value”.

It also confirmed that government advice to avoid pubs, clubs and theatres etc. is “sufficient” for businesses to claim on their insurance where they have appropriate business interruption cover for pandemics in place.

The package includes:

Increasing the amount businesses can borrow through the Coronavirus Business Interruption Loan Scheme from £1.2m to £5m

The first 6 months of this finance will be interest free, as Government will cover the first 6 months of interest payments

New legal powers in the Covid Bill enabling the government to offer whatever further financial support it thinks is necessary to businesses

Giving all retail, hospitality and leisure businesses in England a 100% business rates holiday for the next 12 months

Increasing grants to small businesses eligible for Small Business Rate Relief from £3,000 to £10,000

Providing further £25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.