The Government passed the COVID-19 Response (Taxation and Other Regulatory Urgent Measures) Act 2020 on April 30. This Act included two key pieces of support for Small Businesses:
On April 30 2020, the Government released details regarding a new Small Business Cashflow Loan scheme (the “loan scheme”).
Key features of the loan scheme are as follows:
For further information on the loan scheme, please read our Taxmail.
The Act also contained the temporary loss carry back rules. The main features of the loss carry back rules are:
For further information on the loss carry back rules, please read our April 30 Taxmail.
KPMG can support your interaction with Inland Revenue in respect of both opportunities provided under the Act.
If you would like more information, please contact your KPMG advisor or your local KPMG Private Enterprise office.