Businesses that have cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres and other leisure facilities is sufficient to make a claim.
Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers.
Most businesses are unlikely to be covered, as standard business interruption insurance policies are dependent on damage to property and will exclude pandemics.
Further to the information yesterday regarding grants from your local authority, it has been stated businesses eligible for small business rate relief will not need to apply.
The local government will be in contact with businesses regarding the grants of £10,000. You may still need to contact your local authority if your rateable value is between £15,000 and £51,000 to request more information on how to apply for the £25,000 grant. No grants are currently available for those businesses with no rateable value.
HMRC and taxes
The following payments are due to HMRC in the near future:
PAYE: PAYE for month ended 5th March 2020 will be due by 22nd March 2020
VAT: VAT for month/quarter ended 29th February 2020 will be due by 7th April 2020
Corporation Tax: Corporation tax for year-ended 30th June 2019 will be due by 1st April 2020
It is important to contact HMRC on the following number should you anticipate any difficulties in making these payments due to recent events: 0800 0159 559.
It is also worth noting that should you anticipate your tax liability being lower for 2019/20 than that in 2018/19, it will be beneficial to file your tax return as close to the year-end of 6th April 2020 as possible. This will enable HMRC to update any potential payment on account due by 31st July 2020. We will continue to support our clients by working from home to ensure this can be done.
If you have any enquires or queries regarding this information, please do not hesitate to contact us. SAS Accounting works with businesses in Essex of all sizes, from sole traders to corporations. Should you need assistance with your lending applications, or wish to transition to a cost-effective virtual accountancy system, give us a call today and we will get the ball rolling!