HMRC have announced further measures to help business owners and the self-employed recover from the financial fallout of the coronavirus outbreak: this year’s self-assessment late payment penalties are to be scrapped.
HMRC have given business owners two repayment options for deferred VAT: pay in full or pay in installments. Find out more about your options here. Businesses will be charged penalties if you fail to either sign up for the new scheme, pay your VAT in full or agree with HMRC a plan to pay by 30 June 2021.
HMRC require December furlough scheme claims to be submitted by the 14 January. Businesses which have never previously claimed furlough support are free to claim under the recently extended scheme. Find out more about how to make your claim here.
Recent months have been seen the Government support small businesses through the Coronavirus Job Retention or Furlough scheme. Chadwick & Company founding Director, Michael Chadwick, summarises the new changes to the Government’s financial support packages.