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What Rules Have The Government Relaxed To Help Businesses During Coronavirus?

Posted 14 days ago

What Rules Have The Government Relaxed To Help Businesses During Coronavirus?
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Since the outbreak of Covid-19, the Government has made a number of changes to rules governing areas such as business rates and childcare funding. Below we list a number of amendments to a range of areas and how you can benefit. The following information has been compiled from guidance made available by the Government website

Area

Changes

Annual leave

Workers who have not used up their statutory annual leave entitled due to Covid-19 will now be able to carry it over into the next 2 leave years

Business rates

A revaluation of business rates will no longer take place in 2021 to help reduce uncertainty for firms affected by the impacts of coronavirus. 

Childcare funding

Councils will be able to move around government funding for free childcare entitlements in exceptional circumstances, to make sure sufficient childcare places are available for vulnerable children and those of critical workers

Companies House enforcement

Companies House will temporarily pause the strike off process to prevent companies being dissolved. This will give businesses affected by the coronavirus outbreak the time they need to update their records and help them avoid being struck off the register.

Competition law

The Secretary of State has made a number of exclusion orders to enable a rapid and coordinated response to coronavirus (COVID-19).

Corporate insolvency

The government has introduced the Corporate Insolvency and Governance Bill in Parliament, which will put in place a series of measures to amend insolvency and company law to support business to address the challenges resulting from the impact of coronavirus (COVID-19).

Energy supply

The government has also launched an emergency package with energy suppliers to ensure you don’t face any additional hardships in heating or lighting your home during the coronavirus outbreak. If you are struggling with money problems or are repaying a debt, options will include:

Filing accounts and annual statements

Businesses will be able to apply for a 3-month extension for filing their accounts. This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus.

Intellectual property services alterations

Publishing and granting of new patent applications will continue within usual time frames. However, customers are encouraged to view IPSUM to check the status and access post publication information on their patent applications.

Off-payroll working rules (IR35)

Reforms to off-payroll working rules have been delayed by 12 months as part of the government’s Covid-19 economic response package.

Authors: Sacha Bright & Oliver Murphy

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed. Nextfin is not liable for any damages arising from the use of or inability to use this site or any material contained in it, or from any action taken as a result of using the site. 

Tagged: smes coronavirus news alternative finance



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