Although we continue to update our webpage outlining all the government business support measures announced so far, we feel that there are a couple of matters that may be particularly important, as follows;

Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction.

These measures will mean no business will automatically forfeit their lease and be forced out of their premises if they miss a payment up until 30 June.

There is the option for the government to extend this period if needed.

This is not a rental holiday. All commercial tenants will still be liable for the rent. Commercial tenants are protected from eviction if they are unable to pay rent.

HMRC deferrals on VAT.

No UK business will be required to pay VAT payments falling due in the period from the from 20 March 2020 until 30 June 2020 – All UK businesses are eligible.

This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period.

 VAT refunds and reclaims will be paid by the government as normal.
 

HMRC have advised that businesses should cancel Direct Debits as these may be taken automatically.
 

Grants.

If you think you may be eligible for either the retail/hospitality/leisure £25k or the £10k small business / rural rates relief grants, please contact your local authority ASAP.
 

We trust you are finding the Business Support link useful. As this is such a fast moving situation, we also suggest that you follow us on LinkedIn as we post about relevant matters and when we have updated the web page.
 

If you need any further help, please just contact us – we are here to help.