Coronavirus (Covid-19) Hub

Covid-19 : Business Support 25.03.20 – Update 7

Please see below updates on the Coronavirus support measures:

Deferred VAT payments – important

As you are aware HMRC deferred VAT payments for a 3 month period until 30Th June 2020. Although this is an automatic offer with no application required, HMRC published the following advice in relation to

Customers who normally pay by direct debit should cancel their direct debit with their bank if they are unable to pay. Please do so in sufficient time so that HMRC do not attempt to automatically collect on receipt of your VAT return.

NI Business Support Grants – update

The NI Executive has released further detail on the NI Business Support Grant Schemes https://www.nibusinessinfo.co.uk/content/coronavirus-business-support-grant-schemes. Payments will be made directly into the bank accounts of eligible businesses. Bank details are held for just over 9,000 of small businesses who qualify, and payments can be expedited to those companies. An online web portal will be set up this week for the remaining eligible businesses to register their details.
The immediate focus has been on putting in place a system for issuing the £10,000 grant. Additional processes are underway for the £25,000 grant for the hospitality, tourism and retail sectors.
We note that some smaller businesses are not receiving a payment as they do not qualify for the Small Business Rates Relief (due to premises being partially unoccupied, occupying contiguous properties etc.). We have been seeking clarification on this matter.

ASM Contacts

ASM Accountants Logo

Grainne Quinn – Magherafelt
grainne.quinn@asmmagherafelt.com

Ian Finnegan – Newry
ian.finnegan@asmnewry.com

Caroline Keenan – Belfast
caroline.keenan@asmbelfast.com

Michael P. O’Hare – Dundalk
michael.p.ohare@asmdundalk.com

Alistair Cooke – Dungannon
alistair.cooke@asmdungannon.com