Businesses planning to use the three-month VAT payment deferral need to cancel their direct debits to ensure payments are not automatically deducted

In the wake of the closure of all pubs, bars and restaurants, the Society of Independent Brewers (SIBA) has branded the Chancellor’s decision to collect March’s beer duty payments as ‘incredibly disappointing’

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have announced a series of changes to the timing and content of financial information and the audit work required, in response to the current crisis, reports Pat Sweet

The Chancellor, Rishi Sunak, will detail plans for financial support for the self employed at the daily briefing this evening, with the likelihood of an averaging scheme to reflect variable earnings

The Institute of Directors (IoD) is calling for emergency insolvency measures to prevent widespread company collapses as the current pandemic takes hold

Overwhelming demand from business means that HMRC is working on plans to deploy more staff to the business and self-employed coronavirus helpline to meet escalating demand for advice while at the same time it is dealing with the wider impact of covid-19 on its own staff

The US Treasury Department and Internal Revenue Service (IRS) has confirmed that the federal income tax filing deadline has been automatically extended by three months to 15 July 2020, although there are exemptions including no deferral for the 2017 one-off ‘repatriation tax’, reports Sara White

The government has announced that estate agents, lettings agencies and bingo halls that have closed as a result of covid-19 measures to restrict the spread of the virus will be now be exempted from business rates in 2020-21

The spending limit for contactless card payments will be increased from £30 to £45, with a national rollout beginning from 1 April, in response to growing pressure to reduce the use of paper money during the current pandemic, reports Pat Sweet

The government's quick response to the covid-19 crisis could also be a drawback as ‘policies are going to be rough around the edges’ and possibly left open to exploitation by scammers and unscrupulous advisers and accountants

The NHS needs an army of 250,000 volunteers to support the 1.5m people who are at high risk during the virus outbreak, reports Zak Jakubowski 

The Financial Reporting Council (FRC) is closely monitoring the impact of covid-19 on audit quality inspections (AQI) as the US regulator suspends review work for 45 days, reports Philip Smith

Companies will not be required to report on their gender pay gap data this year, as is mandatory for those with over 250 employees, because of the coronavirus pandemic, reports Pat Sweet

Individuals will be deducted income tax and national insurance contributions (NICs) on the 80% salary subsidies paid under covid-19 emergency employment measures for furloughed workers, but self employed are still waiting for support package, reports Sara White

The Prime Minister has announced the early steps towards mandatory lockdown with all non-essential shops closed and provision for unlimited penalites for business owners who breach the rules. Sara White reports