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Coronavirus and tax

Governments around the world have announced tax measures to support businesses and individuals in response to the COVID-19 pandemic. This page brings together guidance and news from ICAEW, as well as externally-produced resources that provide practical information on emerging tax issues.

More on this topic

Latest tax news

HMRC stands firm on SA late-filing penalties

19 January 2021: HMRC has rejected calls to reconsider automatically waiving late-filing penalties for self assessment tax returns due on 31 January, but confirmed that deadlines missed due to COVID-19 should not result in having to pay a penalty provided an appeal is made.

Business rates

Employment taxes

VAT

Business taxes

Personal taxes

Finance Bill 2020 – Report stage amendments

29 June: The government has tabled a further series of amendments to the Finance Bill 2020 ahead of its report stage this week. ICAEW’s Tax Faculty provides a summary of the changes and urges further amendments to the clause modifying the statutory residence test in light of COVID-19.

Property taxes

Tax credits and benefits

COVID-19: Support through the benefits system

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.

Tax compliance and communicating with HMRC

HMRC stands firm on SA late-filing penalties

19 January 2021: HMRC has rejected calls to reconsider automatically waiving late-filing penalties for self assessment tax returns due on 31 January, but confirmed that deadlines missed due to COVID-19 should not result in having to pay a penalty provided an appeal is made.

No relaxation of the 31 January SA filing deadline

5 January: In December, HMRC declined calls from professional bodies to relax the self assessment filing deadline but promised to keep the situation under review. Where HMRC issues penalty notices to those who file late, more time will be allowed to appeal and pandemic-related delay on the part of an agent may be accepted as a reasonable excuse.

External resources

Summary of existing economic support

A comprehensive summary of government schemes and grants available to support jobs, the self-employed, businesses, local authorities and families impacted by COVID-19. Published on 8 January 2021.

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