At the last minute it has been decided that HMRC will not impose penalties on late submission of self-assessment returns until 28 February. Taxpayers therefore have been given an extra month to complete and submit their returns and pay any outstanding tax. This will come as good news to some, hopefully not very many, of our clients. Interest will still accrue on any payments after the normal due date of 31 January.
Tuesday, January 19, 2021
The ruling by the Supreme Court broadly in favour of the appeal brought by the FCA on behalf of a group of SME's may provide some small businesses with an unexpected financial lifeline. If you have tried to claim on your business interruption insurance as a result of the impact of Covid-19, but been rejected, now may be the time to try again.
It appears that a number of insurers were taking the view that many of these policies did not cover this unprecedented situation and it does seem that some did not. However, the court ruling does give hope that many policies will be valid and the insurers will have to pay out. If you have already made a claim the insurer should be getting back in touch with you but you may wish to make contact now and make sure you are in the queue.