Coronavirus threatens the health of every person in this country, and throughout the world, in a way that has not been seen before in our lifetime and, first and foremost, our thoughts are with those who are infected with the virus or who are close to those who are.
However, it is clear that the impact of Coronavirus will also have a major impact on the finances of the UK – businesses are at risk and individuals who rely on those businesses will feel the effects of the current storm. The Chancellor announced measures in the Budget last week to help ease the burden on businesses – today he made an announcement of further financial assistance for businesses and individuals.
Whilst such measures as temporary suspension of business rates, support of loans by the Bank of England, mortgage payment holidays and grants may help ease some of the financial strain, a major creditor for many people is likely to be HM Revenue & Customs. HMRC has set up a helpline, staffed by around 2,000 dedicated HMRC staff, for businesses and self-employed people who are concerned about paying their tax due to Coronavirus for help and advice – the number is 0800 0159 559.
Even under normal circumstances, if businesses or individuals are in financial difficulties, it is best to engage with HMRC early. In the current climate, it is even more important to do so – if only to help give some control over what may seem to be overwhelming circumstances.
Further details of the HMRC helpline can be found at: https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19?&utm_source=twitter&utm_medium=social&utm_campaign=covid19
The Chancellor's statement can be read at: https://www.gov.uk/government/speeches/chancellor-of-the-exchequer-rishi-sunak-on-covid19-response?utm_source=6a1f6484-44a4-42f1-9281-7b27ff5f7b63&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate