In order to assist those struggling with cashflow, there are a number of measures available from HMRC, to include the following:
- Opportunity to agree a bespoke Time To Pay arrangement, to enable the spread of liabilities owed to HMRC over a longer period.
- HMRC have also agreed to waive late payment penalties where businesses experience administrative difficulties contacting HMRC or paying taxes due to COVID-19.
- Self-Assessment payments on account due by the end of July 2020 can be deferred until January 2021. For more information follow this link: https://www.nibusinessinfo.co.uk/content/coronavirus-deferred-income-tax-payments
- The next quarter VAT payment will be deferred until the end of June, i.e. no VAT payments will be required from any business from now until the end of June. For more information follow this link: https://www.nibusinessinfo.co.uk/content/coronavirus-deferred-vat-payments