We live in times of great upheaval. Stock markets are very volatile, inflation is high (and may get higher) and there is a risk of major war in Ukraine. Of course, the pandemic is still with us, although we all hope the worst is over. At the time of writing, the Prime Minister’s future is in doubt, as are the previously announced increases to National Insurance Contributions that are due in April.
One of the few things that is certain is that tax still needs to be paid. However, HMRC has recognised the problems that the Omicrom wave has caused and has extended the deadline for filing self-assessment tax returns until 28 February. If yours has not yet been filed, this has given you four extra weeks to avoid penalties. For those who did not settle their self-assessment tax by 31 January, there is this year a window that extends to 1 April, before any late payment penalty will kick in. However, interest will still be payable from 1 February, as usual, so you should pay as soon as you are able.
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What else should I be thinking about?
There’s no ‘one size fits all’ solution for limited company directors. The Government measures that have been released may be useful for you depending on the size and nature of your business.
Here’s a brief list of things you could explore, which we have covered separately:
- Cash flow and payments
- Mortgage holidays
- Deferring income tax and VAT payments
- The Coronavirus Business Interruption Loan Scheme
- HMRC Time to Pay Scheme
- Statutory Sick Pay Relief package for businesses
- Business rates holidays
- The Small Business Grant Scheme
As always, we’re here to help you in these uncertain times. If you need advice about any of the above, speak to us about the ways we can help.