Saul LeeseThe HMRC has set up a helpline to to support small businesses who will struggle to pay tax due to coronavirus (COVID-19).
The helpline allows any business or self-employed individual who are concerned about paying their tax due to coronavirus to get help and advice.
For those who are unable to pay due to coronavirus (or think they may struggle in the near future), HMRC will discuss a range of options including:
- agreeing an instalment arrangement
- suspending debt collection proceedings
- cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately
The helpline number is 0800 0159 55 (Monday to Friday 8am to 8pm, and Saturday 8am to 4pm).
See below for further details following budget 2020 and support for those affected by COVID-19
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch in a matter of weeks to support businesses to access bank lending and overdrafts.
The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs.
The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £1.2 million in value. This new guarantee will initially support up to £1 billion of lending on top of current support offered through the British Business Bank.
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
These businesses can contact HMRC’s new dedicated COVID-19 helpline from 11 March 2020 for advice and support. To ensure ongoing support, HMRC have made a further 2,000 experienced call handlers available to support firms and individuals when needed.