You will no doubt be aware of the Chancellor’s announcement offering financial support to taxpayer’s during these unprecedented times caused by COVID19. The Chancellor’s updated statement can be found here.
There are a package of measures available to provide financial support. All UK businesses are eligible. Updated guidance for employers and businesses can be found here.
There is further support offered in the form of deferring VAT; all UK businesses are eligible. This deferment will happen automatically and therefore, there is no application required.
For VAT payments, the deferral will apply from 20 March 2020 until 30 June 2020.
If you are self employed, you are eligible for financial support in respect of deferred income tax payments due on the 31 July 2020 (second payments on account towards your income tax liability for 2019/20) and these tax payments can be deferred until the 31 January 2021. Importantly, no penalties or interest for late payment will be charged in the deferral period.
Again, this is an automatic offer with no applications required.
There is even further financial support offered via HMRC’s Time to Pay offer to all firms and individuals who are in temporary financial distress as a result of COVID19-19 and have outstanding tax liabilities.
You may also be interested in the Government’s general publication, Support for Those Affected by COVID19.
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