COVID-19: New support for businesses as at 30.03.20

30 March 2020

The Government has announced further support for businesses in light of the COVID-19 pandemic

VAT Deferral

Businesses can defer Valued Added Tax (VAT) payments due between 20 March 2020 and 30 June 2020.

Eligibility – All VAT-registered UK businesses are eligible.

Application Procedure – This is an automatic offer with no applications required. UK Registered businesses will not need to make VAT payments normally due with VAT returns during this period.

NOTES – If you normally pay by direct debit you should cancel your direct debit with your bank if you are unable to pay. Please do so in sufficient time so that HMRC do not attempt to automatically collect on receipt of your VAT return.

More information – https://www.businesssupport.gov.uk/vat-deferral/

Deferral of Self-Assessment Payment

The Self-Assessment payment on account, that is ordinarily due to be paid to HMRC by 31 July 2020 may now be deferred until January 2021.

Eligibility – If you are due to make a self-assessment payment on account on 31 July 2020 then you are eligible for the deferment.

Application Procedure – This is an automatic offer with no applications required.

NOTES – The deferment is optional and any persons still able to pay their second self-assessment payment on account on 31 July 2020 should still do so.

More information – https://www.businesssupport.gov.uk/deferral-of-self-assessment-payment/