COVID-19: other issues

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COVID-19: other issues by Mind Map: COVID-19: other issues

1. Tax administration

1.1. Revised procedures

1.1.1. Statutory clearances

1.2. Penalty

1.2.1. Appeal deadline extended

1.2.2. COVID-19 is reasonable excuse

2. SMEs

2.1. Business Interuption Loan Scheme (CBILS)

2.1.1. Access bank loans and overdrafts

2.1.2. 80% govt. backed

2.1.3. Criteria

2.1.3.1. T'over < £45m

2.2. Bounce Back loan scheme

2.2.1. Terms

2.2.1.1. 100% government-backed

2.2.1.2. No interest or fees Yr 1

2.2.1.3. Low-interest for remainder

2.2.2. Eligibility

2.2.2.1. UK-based

2.2.2.2. Affected by COVID-19

2.2.2.3. Exclusions

2.2.2.3.1. Banks, etc.

2.2.2.3.2. Public sector

2.2.2.3.3. State-funded schools

2.2.2.3.4. Funded under CBILS

3. All

3.1. Tax on funding

3.1.1. Types

3.1.1.1. CJRS

3.1.1.2. SEISS

3.1.1.3. Cash grants

3.1.2. Referrable to business

3.1.2.1. Revenue

3.1.2.2. Charge to IT/CT

3.1.2.3. Relaxations

3.1.2.3.1. Mutual business

3.1.2.3.2. Charity/CASC

3.1.3. Not entitled to funding

3.1.3.1. 100% tax charge

3.1.3.2. Penalties

3.1.3.2.1. Deliberate & Concealed

3.2. Time to pay

3.2.1. Outstanding tax liability

3.2.2. Possible 12-month payment plan

3.2.3. No interest or penalties

3.3. State Aid

3.3.1. Capped at 800,000 Euros

3.3.1.1. Lower for some sectors

3.3.2. Not CJRS

4. Large business

4.1. Loans through Future Fund

4.1.1. Rely on equity investment

4.1.2. Matched funding

4.1.3. Loans up to £5m

4.1.4. Conditions

4.1.4.1. UK company

4.1.4.1.1. Exception for accelerator alumni

4.1.4.2. Raised £250k in last 5 years

4.1.4.3. Not listed

4.1.4.4. Incorporated before 31/12/19

4.1.4.5. >50% sales or employees UK

4.1.5. Restrictions

4.1.5.1. Can't use funds to pay dividends

4.1.6. Tax

4.1.6.1. EIS & SEIS implications

4.2. Corporate Financing Facility

4.2.1. BOE buys short-term debt from companies

4.3. IR35 changes

4.3.1. Delayed to April 2021

4.4. Large Business Interruption Loan Scheme

4.4.1. Bank loans and overdrafts (max £200m)

4.4.2. 80% govt. backed

4.4.3. Criteria

4.4.3.1. T'over over £45m

5. VAT-registered

5.1. Rates

5.1.1. PPE

5.1.1.1. 0%

5.1.1.2. 01/05/20 to 31/10/20

5.1.2. Hospitality & tourism

5.1.2.1. 5%

5.1.2.2. 15/07/20 to 31/01/21

5.1.3. FRS

5.1.3.1. 15/07/20 to 12/01/21

5.1.3.2. Catering

5.1.3.2.1. 4.5%

5.1.3.3. Hotel

5.1.3.3.1. 0%

5.1.3.4. Pub

5.1.3.4.1. 1%

5.2. Defer VAT payment

5.2.1. From 20 March to 30 June

5.2.2. Automatic

5.2.2.1. Cancel direct debit

5.2.3. Payable by 31/03/21

5.2.3.1. New: announced 24/09/20

5.2.3.2. Option to pay in 11 instalments

5.2.4. Submit VAT return as normal

5.3. MTD deferral

5.3.1. Digital links

5.3.2. Deadline: April 2021

5.4. Option to tax extension

5.4.1. Relevant decision

5.4.1.1. Between 15 Feb and 31 May

5.4.2. Time limit extended

5.4.2.1. 90 days

6. Particular sectors

6.1. Aviation

6.1.1. Scotland

6.1.1.1. Business rates holiday

6.2. Charity

6.2.1. £750m UK-wide funding

6.2.2. Scotland

6.2.2.1. Third Sector Resilience Fund

6.2.3. Request extension to annual return deadline

6.2.4. Keep Gift Aid on cancelled events

6.3. Culture

6.3.1. £100 for national institutions in England

6.3.2. £1.15bn for cultural organisations

6.3.2.1. £880m grants

6.3.2.2. £270m finance

6.3.3. £120 capital investment for infrastructre in England

6.3.4. £188m for devolved administrations

6.4. Fishing industry

6.4.1. Cash grants

6.5. Innovation

6.5.1. Grants from Innovation UK

6.5.1.1. Up to £50k

6.6. Nursery

6.6.1. Business rates holiday

6.6.1.1. England

6.6.1.1.1. Criteria

6.6.1.1.2. 2020/21

6.7. Pension scheme administrators

6.7.1. Relaxations announced by HMRC

6.8. Retail, hospitality & leisure

6.8.1. Cash grants

6.8.1.1. First wave

6.8.1.1.1. Rateable value < £15k (E&W)

6.8.1.1.2. Rateable value < £51k

6.8.1.1.3. Automatic

6.8.1.2. Second wave

6.8.1.2.1. Closed

6.8.1.2.2. New: Announced 22/10/20

6.8.2. Business rates holiday

6.8.2.1. See Particular regions

6.9. Sports clubs

6.9.1. Cash grants

6.9.1.1. UK sports bodies

6.10. Trading internationally

6.10.1. DIT assistance

6.10.1.1. Liaise with customs authorities

6.10.1.2. Intellectual property

6.10.2. UK Export Finance

6.10.2.1. Export Working Capital Scheme

6.10.2.2. Export insurance policy

6.10.2.3. Direct lending facility scheme

6.10.3. Relaxations

6.10.3.1. Moving goods through customs

6.10.3.2. Customs authorisations

6.10.4. Relief from import duties & VAT

6.10.4.1. Import protective eqpt, etc.

7. Occupy property

7.1. Cash grant

7.1.1. First wave

7.1.1.1. £10k

7.1.1.1.1. Up to £25k if in retail, etc.

7.1.1.2. Criteria

7.1.1.2.1. Occupy property

7.1.1.2.2. SBRR or RRR

7.1.2. Second wave lockdowns

7.1.2.1. Rateable value below £15,001: £1,300pm

7.1.2.2. Rateable value between £15,001 and £50,000: £2,000 pm

7.1.2.3. Rateable value £50,001 and above: £3,000pm

7.2. Moratorium on eviction

7.2.1. Business properties

7.2.2. Non-payment of rent

8. Companies

8.1. Insolvencies & governance

8.1.1. Bill to amend insolvency and company law

8.2. Submit accounts

8.2.1. 3-month extension