This week's newswire is devoted to communicating updates for businesses and individuals to the government's support measures during the ongoing COVID-19 crisis.

We have a COVID-19 rolling tracker, which lists all the key measures as they are announced. From there you can follow links to our summaries of each measure.

We have also created some letter templates for you to cut and paste as add-ons. These accompany our guides to the Employee Job Retention Scheme and VAT payment deferral. If you are talking to businesses that are going to defer VAT payment, and normally pay VAT by direct debit payment, you need to advise them to cancel the direct debit in good time as it may take the banks a few days to action any such request.

Measures previously announced for business grant funding and business rates relief have changed over the last week. Accountancy practices are not eligible for business rates relief. They may be eligible for small business grant funding. 

We are expecting details from the Chancellor about funding for the self-employed later today. It is worth noting that any business working out of a premises that is eligible for small business rate relief is eligible for a cash grant of up to £10,000. 

Stay well.

If you have any tax-specific queries, please post them up to our sister site www.VtaxP.co.uk

Back soon

Nichola Ross Martin FCA CTA (Fellow) Tax Director


Your Virtual Tax Partner® online PRACTICAL support for accountants, tax advisers BY accountants and tax advisers.

Quick news & guides (freeview)

Finance Bill 2020 
The bill and accompanying notes were published last week.

Covid-19 guides

COVID-19: Tracker
Start here to track key measures and announcements aimed at supporting business and individuals.

COVID-19: Time to Pay
Taxpayers in financial distress may agree an instalment plan with HMRC in order to settle their outstanding tax liabilities

COVID-19: Grant funding for business
Cash grants will be available for small business and those in retail, hospitality and leisure.

COVID-19: Employee Job Retention Scheme
Coronavirus Job Retention Scheme: a cash grant that is designed to allow employers to retain staff who would otherwise be laid off. Includes template letters for employers.

COVID-19: VAT payments
COVID-19 VAT payment deferral measures for VAT registered business. Includes a template letter to send to clients.

COVID 19: Statutory self-employment pay scheme (proposed)
The Coronavirus Bill includes provisions for a proposed scheme of statutory pay for the self-employed which would if enacted as written, be similar to the Job Retention support scheme already introduced for employees.

COVID-19: Statutory Residence Test
HMRC have issued new guidance about how the Statutory Residence Test (SRT) will operate as a result of the COVID-19 pandemic.

COVID-19: Landlords & tenants
Landlords will not be able to start proceedings to evict tenants for at least a three-month period during the current emergency.

COVID-19: HMRC Clearance applications and the stamping of documents
HMRC are currently unable to deal with certain clearance applications, the stamping of documents or the payment of stamp duty by post.

Editor's pick (subscribers)

SRT: Day Counting Toolkit
On 19 March 2020 HMRC issued new guidance about how the Statutory Residence Test (SRT) would operate as a result of the coronavirus (COVID-19) pandemic. Use our toolkit.

Property profits & losses: Toolkit (2020-21)
Our Property profits & losses toolkit takes HMRC's version and adds a great deal more information about what you can claim as an individual. There are separate rules for companies carrying on property businesses

Virtual Tax Partner Toolkits (freeview)

Virtual Tax Partner © Tax Toolkit© Tax Toolkits
NEW: be a winner with our game-changing tax diagnostics tools. Sign up now.

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Tax Queries?

Virtual Tax Partner© Support
Have a tax query? Need a second option? Open a ticket and ask a question. A team of tax experts with a very wide range of expertise: covering direct and indirect tax, as well as accounting, R&D claims, reorganisations and much more. 

CPD for lunch 

Byte-sized chunks of CPD for subscribers

More at CPD Index

Missed last time's Web-update?

Nichola's SME Tax W-update 19 March 2020

  • COVID-19: Government support tracker
  • Draft Finance Bill 2020
  • IR35 changes postponed for a year due to COVID-19
  • Budget 2020: Pensions: Changes to annual allowance taper thresholds
  • Budget 2020: Structures and Buildings Allowance: increase in rate
  • HMRC to stop sending paper tax returns
  • Review student loans sale policy
  • Lack of Statutory Review extends appeal timetable


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