This evening the chancellor Rishi Sunak will be joining the prime minister for his daily conference. It has been confirmed that the help available for self employed workers will be the main topic.
We will have more information on this tomorrow.
We would also like to go into further detail regarding schemes you may find useful.
As stated in a previous update , this is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period (20 March 2020 until 30 June 2020). Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.
We have since been advised that clients who normally pay by direct debit should cancel their direct debit with their bank if they are unable to pay. Please do so in sufficient time so that HMRC do not attempt to automatically collect on receipt of your VAT return.
Businesses can defer PAYE between 1 and 3 months (they will need a valid reason – for example if the business has temporarily shut)
Expectation is that the deferral will apply up to and including April 2020 payroll
Please note : If the business can’t pay its PAYE liability at this point a formal payment plan can be set up between 3 – 9 months
Delay on business tax payments
We know this can currently be applied to Corporation Tax, but if you have issues paying any taxes due to Coronavirus, please see below he details of HMRC’s specialist helpline.
HMRC Coronavirus helpline.
Telephone: 0800 015 9559
Monday to Friday, 8am to 8pm
Saturday, 8am to 4pm