Updates from Wednesday 25 March

Further to the news that Companies House would automatically be giving those who need it a two-month extension on filing their accounts, the Government has now confirmed an automatic three-month extension for businesses that need it:

As part of the agreed measures, while companies will still have to apply for the 3-month extension to be granted, those citing issues around COVID-19 will be automatically and immediately granted an extension. Applications can be made through a fast-tracked online system which will take just 15 minutes to complete.

A new note has been added to the guidance on deferral of VAT payments reminding businesses that pay by direct debit to cancel if they want to defer payment:

Customers who normally pay by direct debit should cancel their direct debit with their bank if they are unable to pay. Please do so in sufficient time so that HMRC do not attempt to automatically collect on receipt of your VAT return

The Scottish Government has published guidance on its support for businesses in Scotland, with some specific differences:

  • The threshold for £25,000 grants for small business is £18,000 rather than £15k, as in England.
  • All non-domestic properties in Scotland will get 1.6% rates relief, applied automatically.
  • Retail, hospitality and leisure businesses will get 100% rates relief, as in England, also applied automatically.

Guidance from the Welsh Government is also now available. One notable difference is that the threshold for the £25,000 grant payment for retail, leisure and hospitality businesses is £12,000 – lower than in England or Scotland.

Businesses in Wales can also access loan and equity funding via the Development Bank of Wales.

Author Name: 
Siobhan