The Coronavirus Budget 2020

Budget, Coronavirus, Tax,

Rishi Sunak’s first Spring Budget yesterday included a range of tax and business announcements. The speech was dominated though by the support the Government are to offer Businesses to deal with the impact of Coronavirus.

Business owners are rightfully worried by the rapidly shifting situation.

  • What will happen if staff are off?
  • What will happen if schools are closed?
  • What about cash flow?
  • What about broken supply chains?

The Chancellor unveiled a range of measures yesterday to address those concerns:

  1. The Coronavirus Business Interruption Loan Scheme.
  2. SSP to be refunded by the Government for up to 14 days, with or without symptoms.
  3. A HMRC Time to Pay helpline manned by 2,000 staff.
  4. A £3,000 cash grant to the smallest businesses.
  5. Self employed who are ineligible for SSP can claim contributory Employment Support Allowance
  6. Additional changes to Business Rates.

The details on some of these are still coming through, but you can find and monitor the current information by following these links:

Coronavirus Guidance for Employees, Employers and Businesses

COVID-19: Guidance for employers and Businesses

Tax Helpline to Support Businesses affected by Coronavirus

NHS Coronavirus Information Page

We would suggest keeping these pages under review to stay up to date as the situation changes over the coming days and weeks.

The information in this post has shifted considerably since it was published. We would encourage you to check the latest guidance and later posts, or get in touch to discuss the latest support available.

If you have any questions about the above, or about the tax side of the Budget, please do get in touch.

 

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