Financial Advice
COVID-19. WHAT GOV.UK IS DOING TO HELP INSTALLERS It perhaps comes as no surprise that the content of my article for this edition is entirely focussed on the government measures being implemented to address some of the financial difficulties suffered as a consequence of the Coronavirus pandemic. These measures are changing on a daily basis with only very recent announcements for significant sectors such as the self-employed. Some announcements are still lacking detail and clarity. This article therefore tries to summarise the broad position on the main measures that may be of assistance to you.
Financial advice by Dean Flood | www.rowlandhall.co.uk
Managing existing debt Whilst not a government initiative, many finance companies and general lenders are offering payment deferrals for personal and commercial mortgages, business loans and finance products such as Hire Purchase agreements. As these obligations often form a significant part of individuals and companies outward cashflow, it is highly recommended that you contact your lenders directly to discuss your options.
VAT
Useful Contacts
The government has announced that VAT liabilities for all VAT registered UK businesses and individuals will be deferred for payments due between 20th March and 30th June 2020. At the moment it is assumed that this will apply to all businesses irrespective of size although further clarification may be forthcoming. The deferral will be to early 2021 and further clarification on that will be issued shortly. VAT returns must still be submitted on time. If you pay via BACS or cheque, you will simply not make the payment. If paying by the direct debit facility you must contact your bank to cancel that direct debit arrangement, otherwise payment will still be taken by HMR&C.
www.gov.uk/coronavirus - provides
details of all the above measures and more
0800 0159 559 – HMR&C Time to Pay
helpline for all businesses and individuals
0800 0241 222 – General HMR&C helpline It is vitally important that all readers contact their accountants or HMR&C should they have any queries in relation to the above measures and before taking action. As indicated above, detail on these measures are changing daily and your advisors will be best placed to update you. Best wishes to all readers during these difficult times. Stay healthy.
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