The UK has recorded its highest number of daily deaths, with a 27% day-on-day increase. The total number of people who have died in the UK has increased by 381 to 1789, highlighting that the UK is still in the depths of its struggle against the virus.
However, Stephen Powis of NHS England has described how there is cautious optimism with the number of new confirmed cases beginning to plateau. The government is not taking its foot off the pedal and is aiming to increase testing to 25,000 each day within a fortnight, in an effort to monitor and isolate those infected with the virus.
As countries around the world continue to battle against the virus, the UN has warned that the world is facing its worst crisis since the Second World War. This could indicate a deep recession unlike those many businesses have experienced in recent decades. As the outbreak sweeps the country, we take a look at the important business news relating to the coronavirus outbreak.
Tax breaks to support the struggling economy
If you are a UK VAT registered business and are due to make a payment before 30 June 2020, it is possible to defer this payment, without being charged interest or penalties. However, the exceptions do not extend to VAT MOSS payments, which are due as normal. If you want to delay your payment you will need to still submit your VAT return to HMRC, however the payment can be delayed until 31 March 2021 at the latest.
You do not need to tell HMRC that you have decided to defer the payment. However, if you usually pay via Direct Debit you will need to cancel the payment with your bank. If your business is due a refund, HMRC are continuing to process all claims and refunds as usual.
UK stocks set for worst quarter since 1987
London’s benchmark stock index has taken its biggest dive in more than 30 years, with the FTSE 100 dropping 26 percent on Monday compared to figures at the end of 2019. This is the sharpest quarterly decline since 1987, with other gauges following drops of a similar scale. However, there is a glimpse of hope that the severe economic impact could be short lived as China’s large manufacturing sector begins to stabilise.
Guidance issued for the construction industry
The Construction Minister, Nadhim Zahawi has explained that construction is an industry which should continue during the coronavirus pandemic. Despite concerns from many within the industry, the government is advising construction sites to continue operating if workers are able to follow safe site operating procedures. However, this has led to some confusion within the industry and many sites have decided to close.
If your business requires additional guidance the Construction Leadership Council (CLC) has published a guide to temporary suspension if sites. The government is also providing construction employers with a letter which can be issues to workers stating that while commuting they are on an essential work trip. In addition, police which are enforcing the lockdown have been informed that the construction sector has been asked to remain operational.
If your business is struggling due to a reduced cash flow, the government has announced a variety of financial packages. However, not every business is eligible or in a position to wait, so here at BusinessComparison our team are doing their best to help. We specialise in helping businesses compare financial products, whether they require a competitive business loan, invoice finance or even a new bank account with an overdraft. To find out more about how we can help your business, please contact our team today.