The Government has announced a set of new relief measures for small and medium-sized enterprises (SMEs) during the COVID-19 pandemic.
The new measures include:
- greater flexibility for taxpayers in respect of statutory tax deadlines
- changes to the tax loss continuity rules
- a tax loss carry-back scheme
- measures to support commercial tenants and landlords
- further business consultancy support.
The Government has already introduced a wide range of measures to assist businesses through the crisis. This includes the wage subsidy scheme, the Business Finance Guarantee scheme, and a package of business tax changes. While these measures apply to businesses beyond just SMEs, they provide substantial benefits to the SME sector.
More changes were needed however, to boost confidence and help SMEs get through the crisis. Without further support from the Government, these otherwise-viable SMEs may be forced to close down permanently.