Deferring VAT and Income Tax Payments

Posted by Emma Robison on Mar 23, 2020 2:11:33 PM
Emma Robison
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Support for businesses through deferring of VAT and Income Tax Payments

 

Whilst waiting for the Coronavirus Business Interruption Loan Scheme criteria and loan application to be issued this week, you need to plan in your cash flow forecasting.  

We will provide any further updates as soon as we have them.

The Government will support UK businesses by deferring VAT payments for 3 x months.  The period being 20th March 2020 until 30th June 2020.

If you are self-employed, Income Tax payments due in July 2020 under the Self- Assessment system will be deferred to January 2021.

 

How to access the Scheme?

 

This is an automatic offer with no applications required.

Businesses will not need to make VAT payment during this period.

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 claims will be paid by the Government as normal.

We will update you as soon as we hear more certainty in the UK Government scheme.

 

Helpful Links:

 

https://www.british-business-bank.co.uk/

News about Coronavirus Business Interruption Loan Scheme – Temporarily replacing the Enterprise Finance Guarantee

 

https://www.gov.uk/government/topical-events/coronavirus-covid-19-uk-government-response

Coronavirus (Covid-19) UK Government response and guidelines, employers and employees

 

For further advice or assistance please call 0345 50 50 888

 

Topics: Covid-19

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