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Payment of VAT, Self Assessment & other taxes

  • VAT
    HMRC have deferred all VAT payments falling due between 20 March 2020 and 30 June 2020.

    There is no application to make, it is automatically done. They have confirmed there will be no interest or penalties providing payments are brought up to date by 31 March 2021.

    **If you pay by Direct Debit you will need to cancel with your bank or payment will be taken as normal**

    Returns showing refunds will continue to be repaid as normal in this period.
    It is expected that payments of liabilities due form 1 July 2020 will be due as normal.
    Please note this does not apply to VAT MOSS or import VAT payments.

    Self Assessment
    For businesses suffering financial difficulty due to the coronavirus, HMRC has deferred payments on account falling due 31 July 2020 by 6 months to 31 January 2021.

    There is no application to make, it is automatically done. They have confirmed there will be no interest or penalties providing payments are brought up to date by 31 January 2021.
    There is also the option of setting up a budget payment plan to assist with more regular payments on account; https://www.gov.uk/pay-self-assessment-tax-bill/pay-in-instalments

    Other taxes
    Whilst there are no other schemes in place directly for other taxes, if you are having difficulty meeting payments of other taxes due to coronavirus, there is a specific helpline in place. They will ask for some information regarding the finances of your business and discuss a suitable payment plan. The number to call is 0800 024 1222.

    **For all schemes, the deadline for submission remains and
    penalties may be charged in the event of non- submission.**