COVID 19 – News for Companies

In these very difficult times, we hope that our clients and contacts are safe and well. UK companies should be aware of the following assistance:

The RD and creative sector reliefs and RD cash back schemes continue to operate unchanged. There is full commitment by the government to ensure timescales are maintained. Companies should continue to file as usual. There has been no published change to the timescale for claims. The ICAEW are pushing for a relaxation in filing deadlines, and corporation tax payments, but this is probably one entry on a long list of considerations.

Reducing corporation tax payments – again there is no reduction or deferment of corporation tax at the moment and the ordinary payment rules remain in force. For quarterly instalment payers this is a time to reduce payments on account.

Directors and shareholders – personal tax. The deferment of personal tax and NIC payments is well publicised. Business owners should also consider reducing ‘payments on account’ where relevant. Pension planning may need to consider reduced employee and director salary levels for 2020 and beyond.

The latest Science / Business news can be read here…
https://sciencebusiness.net/news/r-d

The latest gov.uk dedicated CVD news can be read here…
https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19

Please do not hesitate to get in touch if we can assist in any way and stay safe.
Maria Kitt, Corporate Tax Partner
maria@tax-insight.co.uk