There is a new helpline to offer help and support to any business or self-employed individuals that are concerned about paying their tax due to COVID-19. HMRC will discuss your specific circumstances with a view to:
- agreeing an instalment payment plan;
- suspending debt collection proceedings; and/or
- cancelling penalties and interest where you have administrative difficulties.
The helpline number is 0800 0159 559 and it is open Monday to Friday 8am to 8pm and Saturday 8am to 4pm.
COVID-19 Business Interruption Loan Scheme (CBILS) – loans up to £5 million
The scheme is expected to be available from 23 March 2020. There are a wide range of finance options available including:
- Invoice finance facilities
- Asset finance facilities
To be eligible the business must be:
- based in the UK,
- with turnover less than £45 million
- operate within an eligible sector – see link to SIC codes
- confirm they have not received more than EUR 200,000 in state aid in the preceding two years
- have a sound borrowing proposal but insufficient security – this may have just been amended to “considered viable in the longer-term”
The banks involved in the scheme are here.
We don’t know how this will work, does the business have to produce the last set of accounts before COVID 19 started to impact the business? If the business was viable at that date would that mean the business qualifies as a “sound borrowing proposal”. No one could put together a business proposal now that will look sound (unless you make loo roll!) This has already been amended to “viable in the longer term”.
Chancellor’s other measures