Experts at Osborne Clarke consider the tax implications.
A matter of months ago we had not even heard of coronavirus (Covid-19) yet now we find ourselves in the ‘worst public health crisis for a generation’. In addition to the alarming social impact the spread of the virus is having the economic fall-out is already apparent. Unsurprisingly at the Budget on 11 March the government announced tax support measures for businesses (and self-employed individuals) in financial distress due to the current crisis through bespoke time to pay arrangements and the waiving of late payment penalties and interest. Some further measures enabling businesses to defer the next quarter of VAT payments and self-employed individuals to defer self-assessment payments were announced on 20 March.
Whilst the tax implications of the current crisis are unlikely to be at the forefront of people’s...
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Experts at Osborne Clarke consider the tax implications.
A matter of months ago we had not even heard of coronavirus (Covid-19) yet now we find ourselves in the ‘worst public health crisis for a generation’. In addition to the alarming social impact the spread of the virus is having the economic fall-out is already apparent. Unsurprisingly at the Budget on 11 March the government announced tax support measures for businesses (and self-employed individuals) in financial distress due to the current crisis through bespoke time to pay arrangements and the waiving of late payment penalties and interest. Some further measures enabling businesses to defer the next quarter of VAT payments and self-employed individuals to defer self-assessment payments were announced on 20 March.
Whilst the tax implications of the current crisis are unlikely to be at the forefront of people’s...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
