Coronavirus Updates for Accountants

17 April 2020

  • HMRC emails two million eligible businesses login details for furlough portal
  • Government extends furlough end date to 30 June at £50bn cost
  • Confusion over private school fees and covid-19 lockdown closures

16 April

  • Top tips: furlough and the Coronavirus Job Retention Scheme
  • FCA remodels business plan to address coronavirus challenge
  • Higher rate child benefit – remember to claim if you’re on furlough with reduced salary

15 April

  • Furlough start date extended to 19 March
  • Covid-19: what’s the exit strategy? We ask accountants what they think
  • More lenders accredited for small business loan scheme

14 April

  • HMRC clarifies MTD for VAT deferral reporting process

9 April

  • £750m extra funding package for frontline charities working with vulnerable groups
  • Bank of England to underwrite government overdraft via Ways and Means facility
  • How to register for child benefit for new born babies

8 April

  • HMRC launches beta testing for 80% furlough portal, Harra tells MPs
  • MTD technical guidance being rewritten for VAT deferral
  • Tips and advice: directors’ duties and responsibilities in the age of covid-19
  • Government lending schemes create ‘cliff edge’ for business
  • Insurers cave in to demand to delay dividend payments

7 April

  • Top 10 tips: employee expenses during coronavirus homeworking
  • Financial support for Northern Ireland businesses and employers
  • 6 April

    • Coronavirus large business interruption loan scheme (CLBILS) launched
    • 80% rules allow training, volunteering and even second jobs
    • Zero hours PAYE employees entitled to 80% furlough scheme

    3 April

    • Coronavirus business interruption loan scheme (CBILS) amended
    • Football clubs fight to keep going as grounds remain closed
    • British Airways furloughs 30,000 and puts pilots on half time
    • Bus services support grant launched

    2 April

    • Public sector contractors given access to 80% furlough scheme
    • Electronic signatures and witnessing practicalities when isolating
    • FCA consults on three-month loan and credit card payment freeze

    1 April

    • Banks suspend £15bn in dividend payments
    • Duties and VAT waived on vital medical imports
    • Charity SORP guidance issued

    31 March

    • HMRC clarifies self-assessment tax payment deferral
    • Guidance on small business and retail sector grant schemes
    • EU Tax Authority tracker monitors cross-border covid-19 VAT changes
    • Returning NHS workers targeted by tax avoidance scammers

    30 March

    • Coronavirus Act 2020 allows for HMRC extended powers
    • Coronavirus Job Retention Scheme – government will pay employer NICs
    • Limited company directors have limited support under covid-19 measures
    • Insolvency rules to be relaxed, initial announcement
    • Annual leave rules will allow temporary two-year holiday rollover cycle

    27 March

    • Q&A: Self-employment Income Support Scheme
    • Partnerships offered income support
    • Contractors ‘fall through cracks’ in support
    • Changes to stamp duty payments process on share sales
    • Accounting and tax institutes cancel exams

    26 March

    • Self-employed package hints at future tax equity
    • HMRC changes coronavirus business helpline number to increase capacity
    • Self-employed will receive 80% package financial support
    • Chancellor finalising package of financial support for self-employed
    • Users of VAT deferral should review direct debits to HMRC
    • £3.5bn of dividends slashed
    • FTSE audit partner tenure extended
    • Regulators issue joint guidance on financial reporting and audit requirements
    • Taxpayers urged to weigh up savings withdrawals
    • Revised investment reporting standards delayed to September
    • Government demand for March beer duty payments ‘disappointing’

    25 March

    • HMRC looking to deploy more staff to business helpline
    • Warning on scammers and abuse of government schemes
    • Bank card contactless limit increased
    • FRC considers delay to audit quality inspections
    • Expat US taxpayers can defer federal income tax filing to 15 July
    • Business rates holiday extended to estate agents and bingo halls
    • Gender pay gap reporting suspended
    • ‘Your NHS needs you’ to volunteer

    24 March

    • 80% rule salary payments liable for income tax and NICs
    • Q&A: what does UK lockdown mean for employers?
    • Non-essential shops closed but not exhaustive list
    • Covid Corporate Financing Facility available
    • Sick pay to be refunded to small businesses
    • Moratorium on evictions by commercial landlords
    • Expats and non doms can claim ‘exceptional circumstances’
    • Urgent government action needed to support self employed
    • UK GDP to drop 2.6% before 2021 recovery
    • HMRC cuts interest rate for late/early payments

    23 March

    • Accountancy firms activate agile working as office premises close
    • Companies risk breaching banking covenants
    • Coronavirus Business Interruption Loan Scheme open for applications
    • VAT payments deferred for three months
    • Six month deferral on self-assessment payments
    • FCA implements two-week moratorium on FTSE corporate reporting
    • Companies House extends accounts filing deadline
    • Businesses rally to support NHS workers
    • Online coronavirus isolation notes for absence from work
    • Government to take over rail franchises

    20 March

    • Chancellor sets out radical employment support package to protect jobs
    • Coronavirus Business Interruption Loan Scheme hiked to £5m
    • HMRC needs to ramp up covid-19 time to pay guidance
    • Bank of England advice on liquidity reporting under IFRS 9
    • Rail services cut in response to covid-19

    19 March

    • Chancellor tells MPs business loans effective ‘beginning of next week’
    • Bank of England cuts base rate to 0.1%
    • Chancellor convenes emergency meeting with business groups and unions
    • London’s transport network cut back in face of coronavirus
    • Schools to close from Friday

    18 March

    • £330bn ‘unprecedented’ coronavirus emergency fund
    • IR35 private sector reforms delayed until 2021 (updated guidance issued 3 Apr 2020)
    • Covid-19 sees companies develop AGM contingency plans

    17 March

    • Covid-19 measures pose ‘catastrophic’ challenge for leisure industry
    • Regulator offers filing extension for charities affected by covid-19

    16 March

    • Accountants activate covid-19 contingency plans
    • FRC advice for auditors and financial reporting