THE HEADLINESto edit.
Deferral available now, from 20 March 2020 to 30 June 2020.
If you a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the options of:
HOW TO APPLY
YOU DO NOT NEED TO APPLY or inform HMRC that you are deferring your payment, You will however still need to submit your VAT returns to HMRC on time, as usual.
If you normally pay by direct Debit, you should cancel this payment ASAP if you are deferring payment, just in case HMRC's systems attempt to automatically collect on receipt of the VAT return.
REPAYMENT AND FEES
FURTHER SUPPORT WITH TAXES
Help is also available with other taxes - see our separate guidance
DISCLAIMERS - DUE TO THE RAPIDLY CHANGING CIRCUMSTANCES WITH COVID-19, WE ARE UTILISING INFORMATION FROM GOVERNMENT SOURCES, THESE ARE TRUSTED SITES, BUT WE CANNOT BE HELD RESPONSIBLE FOR ANY INCORRECT INFORMATION OBTAINED FROM THEM OR INFORMATION ON LINKS TO THOSE SITES. THE INFORMATION PROVIDED HERE IS GENERIC IN NATURE, AND NOT SPECIFIC TO YOUR CIRCUMSTANCES, YOU SHOULD SEEK PROFESSIONAL ADVICE BEFORE ACTING ON ANY OF THE INFORMATION CONTAINED ON THIS WEBSITE AND IN PARTICULAR IN OUR COVID-19 HUB.
PLEASE CONTACT US... WE ARE HERE TO HELP
THREE MEASURES TO HELP PROTECT RENTERS AND HOME OWNERS
Government have announced mortgage lenders are to help those struggling to pay as a result of the coronavirus outbreak by providing 3 month payment holidays. However, if you were already in arrears prior to the outbreak this may affect you ability to obtain such support.
Protection is also offered to renters, as landlords will be able to seek support from mortgage lenders. Again if you were already in arrears prior to the outbreak this may affect you ability to obtain such support.
If you are struggling, in the first instance you should contact your mortgage provider or landlord
British energy suppliers have joined with the Government to help the most in need. Vulnerable customers can seek support with their utilities on the whole for a period of 3 months.
This include those on pay-as-you-go meters. who are unable to leave their house. Which could include sending someone else to top up their card, having a pre-loaded gas or electricity card sent to them in the post, or having funds added to their credit.
The Department for Business, Energy and Industrial Strategy has said that customers whom cannot afford to pay their bills will get support from their suppler.
Those in financial difficulty could get their payments reassessed, or reduced where needed, furthermore no credit meters will be disconnected during the outbreak
Many furlough workers will however be supported with wages throughout the outbreak, so support will be prioritised for those that need it most.
If you are struggling speak to your utility provider for the options they are offering.
We will provide further information on the implications of IR35 in due course, but for now rest assured that there are no changes as IR35 is delayed
The 2020 Budget saw the Chancellor unveil an ‘historic’ spending rise with some eye-watering sums, covering both the immediate challenge of the corona virus and the threat of recession, identified by the Office for Budget Responsibility.
Funded through £130 billion of extra borrowing rather than tax rises, though revenue raised from Corporation tax and Entrepreneurs’ Relief, and deficits becoming permanent rather than being phased out.
BUDGET FOR THE CORONAVIRUS
The measures complemented the emergency rate cut from the Bank of England and provide financial bridge during the outbreak, these measure include;
OTHER KEY MEASURES
For other key budget measures and their implications of these, See Our News section
- Budget 2020
Lucinda Matkin - Licensed Insolvency Practitioner & Chartered Accountant