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Coronavirus an update from HMRC


TLL continue to serve your needs, and whilst we would not encourage clients to visit the office, we can work remotely and deal with most matters via phone / email. Please be patient if we are not able to deal with your request immediately due to staff not all necessarily being if the office at the same time.

Our thoughts are with all of our clients and we hope to be in touch with as many as possible, as resources allow, to see how your business is affected and where we may assist.

If you require finance from your bank, they may require management accounts or projections – please let us know as soon as possible if this is likely so that we can schedule time to assist you in preparing these.  If your own bank are not able to provide finance, we may be able to suggest other sources of funding available depending on your circumstances.

Our payroll bureau continues to function as normal, with colleagues working remotely, and we are happy to deal with your questions regarding the new government measures – sick pay, refunds, etc.  Please email, rather than phone, if your query is not urgent, so that the phone lines can be kept open for urgent cases, especially towards the end of the month when most payrolls are processed.

The Government have confirmed that the furlough claims portal will be available on 20th April (with claims payable by 30th April).  We are happy to help our payroll clients with furlough claims – please see this link to how this will work.  There will be a small charge for the administration of this…

Please see ‘more info and daily updates’ link below for more detail

Government launched the Bounce Back Loan scheme for small firms.

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan. The scheme will be delivered through a network of accredited lenders. The paperwork should be very simple and funds released quickly.  Loans can be applied for from May 4th.

Government Income Support Scheme

 (Please note applications for the June grant are now closed).  Applications for the August are open from 17th August to 19th October.

This scheme refers to sole traders and partnerships grants based on 70% of their average profit, if affected by the lock-down and Coronavirus impact.  If this applies to you, you should provide HMRC with information directly – first of all they ask you to check online if you are eligible, and if so, to provide them with your contact and bank details in order for them to pay you the grant which they will calculate from your self-assessment history.

Here is the link to the online eligibility checker:  https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference

Please note they will ask for three items of information to start this process:-

  1. Your Unique Taxpayer Reference (UTR) – this is a 10 digit number you can find on any correspondence from HMRC or on personal tax returns;
  2. Your National Insurance Number;
  3. Your Government Gateway ID and password – this is your own personal Government Gateway and not something your Accountant would have a record of.  If you don’t know it / don’t have one set up you can apply on the screen for one.

Please note HMRC will contact you by email.  If no email they will text you.  If they don’t have your mobile number they will write to you.  They will just tell you to be ready, but we understand will not provide a link to the eligibility checker within that email/text.  You can use the link we have provided above.  The only site you should go to is an official Gov.UK site – beware of scams if a third party asks you to go via another link, ignore it.  Accountants / Agents will not be given access to your application site.

Please feel free to contact us if you don’t use a computer (and don’t have anyone in the family you can ask to do this for you) or have any questions that might stop you applying for a claim.

Please note HMRC have stressed that your Accountant cannot make this claim on your behalf – doing so will trigger a fraud alert and delay your claim.

For more information about the grants scheme, please see this link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Personal Tax
HMRC have announced that for personal tax instalments due on 31st July 2020, these can be delayed until 31st January 2021 when the next payment is normally made.  Whilst you should still be able to make a payment on account if you prefer to, if you don’t please ensure you keep this put aside, where possible for  when it is due.  If a loss is incurred in the coming months leading up to 31st January 2021, it may be that you have less tax to pay or even a refund due which we will calculate for you in the normal time-scale.

VAT payments for in the coming few months will be deferred until the end of March 2021.
The deferral will apply for VAT payments normally due between 20th March and 30th June 2020 (i.e. quarters ending Feb, Mar, Apr ’20). Later VAT periods will currently be paid on the normal due dates. Refunds will be processed as normal. VAT returns still need to be filed on time.

The VAT decision was welcomed as it provides an immediate cash benefit to businesses, but it is difficult to properly assess the mechanics until the HMRC technical guidance is issued. 

Clients who pay their vat by DD need to cancel the arrangement or the next payment will be extracted from your account


 If you cancelled your VAT Direct Debit for payments due up to 30th June, you will need to reinstate this to make payments on returns due from 1st July onwards.

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