In this uncertain time and as businesses face demands on their cash flow, there is scope following the Chancellor’s announcement to defer tax liabilities including:

• Corporation Tax

The initial feedback is that HMRC is being extremely supportive of both deferrals and long-term repayment plans across all tax-related matters.

We are on hand to help you apply for assistance, call us on 0330 088 7111 for support. Alternatively, you can contact the HMRC helpline direct on 0800 0159 559 to make arrangements to delay payments.

In addition, for all businesses that benefit from Small Business Rates Relief a grant of up to £10,000 can be obtained from your local council and information on this process should be released next week.

For businesses in the retail, leisure and hospitality sectors, from April they will qualify for a 12-month Business Rates holiday. For those with property with a rateable value between £15,000 and £51,000, a grant of up to £25,000 will be available, depending on the rateable value of the property. This again can be obtained from your local council and further information on the process should be available next week.

TC Group is here to guide you and your business through this challenging period, so if you have any queries and wish to speak to us these matters or have any other concerns regarding your business or personal finances, please contact us now.