Anna’s Accountancy Alerts – Week 11 (15th – 21st June 2020)

business

HMRC Makes Time To Pay Easier

If you are unable to pay your self-assessment tax on time and owe up to £10,000 you can apply online for more time to pay.

https://www.gov.uk/difficulties-paying-hmrc

Protective Equipment And Supplies – Tax Relief On Costs

The normal tax rules apply which means most expenditure, such as masks, sanitiser, etc. qualifies for relief in the financial year in which it’s incurred. This would also apply to temporary physical barriers that you have had to erect if they aren’t expected to last more than two years.

Coronavirus-Related Rent Arrears

At the moment landlords cannot evict commercial tenants for non-payment of rent but this is due to expire on 30 June. If you have been unable to pay your rent due to the coronavirus pandemic, what will be your options after this date?

It may be extended but it’s no good on relying on this happening. Try to come to an arrangement with your landlord for a rent holiday or similar and agree what you will owe when this ends.

Getting Paid On Time

As the lockdown eases and supply chains start to reopen, you could find yourself renegotiating payment terms with existing customers or striking deals with new clients.

Think through any deals with new clients. High volumes might seem attractive but if the payment terms are long it can severely impact your cash flow. Check the payment record of prospective clients online.

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.