The information that was contained within this article has now been superseded, you can view the updated information here.
This scheme will allow self-employed individuals (including those who are members of a partnership) to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.
The following is our understanding of this policy and how this will work based on the information published up to and including Midday on 27 March. It should not be relied on for final advice at this stage but is intended to give an indication of how the scheme will work.
If you pay your VAT by Direct Debit (DD) and want to take advantage of the current deferral opportunity there is action you must take.
The Government have updated their COVID-19 Business Support web page with details of deferrral of VAT and some Self-Assessment tax payments.
Yesteray evening (17th March 2020) the Government announced a delay to the off-payroll working rules that were due to come in from April 2020. Due to the current corona virus situation the rules will now be delayed for one year to April 2021.
A YouTube video of the announcement is below.
Yesterday, Rishi Sunak announced the Budget 2020. What did he say, but more importantly what does it mean for you?
View the Ashgates Budget 2020 Report