Updated 26 March 9pm
HMRC are delaying the payment due date for some VAT and income tax payments:
VAT
All UK businesses can delay VAT payments falling due between 20 March 2020 and 30 June 2020.
Businesses will then have until the end of their VAT financial year to settle these payments. For most businesses this will be 31 March 2021, but depending on their filing date could be 30 April or 31 May 2021.
VAT Returns must still be filed on time in accordance with the Making Tax Digital rules.
VAT refunds due will still be paid by HMRC as normal.
No application is needed, this applies automatically.
Businesses who pay their VAT by automatic direct debit should take steps to temporarily cancel these if they intend to make use of the deferral scheme.
Income Tax
If you are self-employed then payments on account normally falling due on 31 July 2020 no longer have to be paid; the balance of tax due for the 2019/20 tax year will be payable on 31 January 2021.
Penalties or interest for late payment will not be applied.
No application is needed, this applies automatically.
Time to pay
HMRC’s existing Time to Pay service can be accessed by all businesses and self-employed individuals with outstanding tax liabilities.
Arrangements are agreed on a case-by-case basis.
HMRC have added an extra number to call for those who cannot pay due to the coronavirus outbreak.
Time to pay contact numbers are as follows:
- Coronavirus helpline 0800 015 9559
- Self-assessment helpline 0300 200 3822
- Other taxes 0300 200 3835
For more information please contact me.
