3 April: The Cabinet Office has confirmed that the coronavirus job retention scheme will also apply to off-payroll contractors working for public sector organisations.
The latest coronavirus (COVID-19) articles from ICAEW
A list of all coronavirus-related articles from ICAEW, starting with the most recent.
1 April: Businesses wanting to reinstate workers to their payroll to receive the coronavirus job scheme grant may face complications if they delay beyond 6 April
1 April: Employees forced to work from home due to measures to control the coronavirus pandemic are covered by home-working expenses rules, HMRC has confirmed.
During this uncertain time, we recognise there are unprecedented challenges facing ICAEW firms and members. We continue to expect the highest professional standards by all ICAEW firms and members. This includes abiding by ICAEW and statutory regulations and to continue to meet the high standards expected by the public
The Professional Standards Department (the department responsible for carrying out ICAEW’s regulatory and disciplinary roles) recognise that COVID-19 has and is creating exceptional circumstances.
31 March: Company directors that receive salaries through PAYE can be furloughed and apply for a grant of 80% of their salary during the coronavirus pandemic, ICAEW understands.
31 March: Digital scammers are using coronavirus support measures to target individuals with bogus emails and texts claiming to be from HMRC.
27 March: Grants of up to £2,500 per month are to be made available for the self-employed during the coronavirus pandemic, but the scheme is unlikely to be operational until June.
30 March: Businesses participating in Making Tax Digital for VAT have until 1 April 2021 to meet the requirement to have ‘digital links’ within their recordkeeping in light of the coronavirus pandemic.
28 Mar 2020: Business Secretary, Alok Sharma MP, announces changes to the insolvency rules in response to the coronavirus outbreak.
27 March: ICAEW has been inundated with queries around how businesses should manage communications with HMRC in light of the new restrictions. The Tax Faculty has put together this update on where HMRC is now accepting digital communications.
26 March 2020: The Bank of England’s direct lending facility for larger businesses, the Covid Corporate Financing Facility (CCFF), is open for applications via banks.
Updated 1 April 2020: the government has announced measures to support the incomes of employees and the self-employed but some will not be eligible for these schemes. For those that do not qualify the government has made some changes to the support available through working tax credits and universal credit which will provide some help.
25 March: ICAEW's Tax Faculty advises that, due to fewer advisers, HMRC has reduced opening hours on helplines.
19 March 2020: Frank Haskew has written to the Financial Secretary to the Treasury to offer up a range of policies that could make a difference to the UK economy.
24 March: ICAEW's Tax Faculty is urging members not to forget the marriage allowance and the potential support it could offer couples in these uncertain times.
Updated 25 March: First tier tribunal tax proceedings have been put 'on hold' in light of the COVID-19 pandemic.
20 March: The number of days a person spends in the UK is critical in determining tax residence, but HMRC may be sympathetic during the COVID-19 pandemic. ICAEW's Tax Faculty gives an overview of the situation.
Updated March 31: The UK government is supporting businesses during the coronavirus pandemic by deferring VAT and self assessment payments. ICAEW's Tax Faculty outlines how the deferral will work.
24 March 2020: There are cash grants available for businesses receiving Small Business Rate Relief or Rural Rate Relief.
24 March 2020: there is a business rates holiday for nurseries for the 2020-2021 tax year.
Updated 1 April: ICAEW members may need to help clients, friends or family to access support through the benefits system during the coronavirus outbreak. Benefits may be something on which they would not usually advise. The Tax Faculty has created this basic guide on which benefits to consider, together with sources of support.
25 March 2020: there is a business rates holiday for the 2020-21 tax year, as well as and cash grants, for retail, hospitality and leisure businesses.
2 April 2020: the Coronavirus Business Interruption Loan Scheme (CBILS), introduced on 23 March and revised on 2 April, provides support for businesses to access funding if certain eligibility criteria are met.
Last updated: 30 March 2020. Here’s a quick summary of practical help announced by the government.
Guidance on ICAEW exams for all ICAEW CFAB and ACA students, employers and tutors during the Coronavirus (COVID-19) pandemic. Your health and well-being are of the utmost importance to us and we want to support you all at this uncertain time. This page has been designed to update you with the information you need and will be updated regularly.
Paula Tomlinson, an ICAEW member, sets out some advice based on existing income tax and corporation tax rules.
Has your team had to shift unexpectedly to home working as a result of the COVID-19 pandemic? If so, we have some Office tips and tricks to share for better remote collaboration, courtesy of Microsoft MVP David Benaim.
19 March 2020: we anticipate and hope that HMRC will apply a more relaxed approach in the way it interacts with ordinarily complaint businesses who are facing difficulties as a result of COVID-19. However, an understanding of the basic rules around managing disputes with HMRC will be helpful when navigating the ramifications of COVID-19. The Tax Faculty share questions that may be useful to consider.
19 March 2020: the government has published Finance Bill 2020 with few changes in light of the COVID-19 crisis, with support expected to come through other channels.
19 March 2020: business must keep track of losses resulting from coronavirus to ensure they can claim maximum reliefs and survive the pandemic, says ICAEW.
19 March 2020: funds for small employers and a dedicated statutory sick pay for coronavirus may be needed to deliver the government’s pledge of pay from day one.
18 March 2020: as the Tax Faculty seeks further clarification from HMRC on the support for businesses which are having difficulty paying tax bills due to COVID-19, it shares useful tips on how to negotiate with HMRC.
18 March 2020: changes to the off-payroll working regime will not take effect until April 2021 due to the coronavirus pandemic, HMRC confirms.
Given the recent announcements by the UK government, we have decided not to host any face-to-face events, conferences or meetings with immediate effect.
17 March 2020: ICAEW’s Tax Faculty is urging qualifying businesses to ensure that they keep records of statutory sick pay as evidence for future reclaims from the government.
17 March 2020: ICAEW’s Tax Faculty summarises HMRC’s latest Employer Bulletins, which included commentary on the Budget announcements and information on the changes to off-payroll working.
13 March 2020: ICAEW chart of the week
Updated 26 March 2020: A dedicated HMRC helpline for businesses and self-employed individuals who have difficulty with paying their tax due to COVID-19 has gone live.
12 March 2020: Rachel Underhill, Senior Business Strategy Manager at ICAEW, explores the immediate and long-term business implications of the Spring Budget 2020.
11 March 2020: ICAEW chief executive Michael Izza believes Rishi Sunak’s first Budget as Chancellor was a remarkable one, delivered in volatile times, but the longer-term goal of improving public infrastructure on a fiscally sustainable footing is a very different challenge.
11 March 2020: ICAEW has welcomed today’s Budget announcements, which were intended to shore up the UK economy against the coronavirus crisis and invest in long-term infrastructure projects and sustainability. However, it sounded a note of caution about how any additional spend will be funded.