VAT & Income Tax Deferral
The Government announced on 20 March that all VAT payments due from 20 March to 30 June can be deferred and that taxpayers will be given until the end of the 2020/21 tax year to pay any liabilities that have accumulated during the deferral period.
VAT returns will still need to be submitted during this period and if the business has a Direct Debit in place, this will need to be cancelled to ensure that HMRC does not automatically try to take payment. No application to HMRC is required and no penalties or late payment interest will be charged in this deferral period.
If you are self-employed, any Income Tax due on account in July 2020 will be deferred to January 2021. No application to HMRC is required and no penalties or late payment interest will be charged in this deferral period.
Read more
As one of the measures to help businesses affected by Coronavirus COVID-19 the Government has announced that VAT payments that would normally be due with VAT returns at the current time can be deferred.
Currently the deferral applies from 20 March until 30 June 2020. VAT payments due in this period do not need to be made and taxpayers will be given until the end of the 2020-21 tax year to make payment of any deferred liabilities.
This is an automatic offer and you do not need to apply to HMRC to be eligible. You simply don’t make any payments you want to defer.
VAT returns should still be filed.
VAT refunds due from HMRC will continue to be made as usual.
It’s important to note that if your business normally pays by direct debit then you should cancel the instruction with your bank and should do so in sufficient time to prevent HMRC from automatically collecting payment.
VAT & Income Tax Deferral
The Government announced on 20 March that all VAT payments due from 20 March to 30 June can be deferred and that taxpayers will be given until the end of the 2020/21 tax year to pay any liabilities that have accumulated during the deferral period.
VAT returns will still need to be submitted during this period and if the business has a Direct Debit in place, this will need to be cancelled to ensure that HMRC does not automatically try to take payment. No application to HMRC is required and no penalties or late payment interest will be charged in this deferral period.
If you are self-employed, any Income Tax due on account in July 2020 will be deferred to January 2021. No application to HMRC is required and no penalties or late payment interest will be charged in this deferral period.
Read more
As one of the measures to help businesses affected by Coronavirus COVID-19 the Government has announced that VAT payments that would normally be due with VAT returns at the current time can be deferred.
Currently the deferral applies from 20 March until 30 June 2020. VAT payments due in this period do not need to be made and taxpayers will be given until the end of the 2020-21 tax year to make payment of any deferred liabilities.
This is an automatic offer and you do not need to apply to HMRC to be eligible. You simply don’t make any payments you want to defer.
VAT returns should still be filed.
VAT refunds due from HMRC will continue to be made as usual.
It’s important to note that if your business normally pays by direct debit then you should cancel the instruction with your bank and should do so in sufficient time to prevent HMRC from automatically collecting payment.