Government Support for your Business
Updated 12th December 2020
This scheme has been launched to provide additional cash flow support to small businesses
What do you need to know…
- Deferral of VAT payments to 31 March 2021
- Businesses will not be charged interest or penalties on any VAT amounts deferred
- VAT repayments to businesses will continue to be paid as normal
- Deferral of self-assessment tax payments on account to 31 January 2021
- Time to pay arrangements
Eligibility…
- Qualifying VAT payments are those which were ordinarily due to be paid between 20 March 2020 and 30 June 2020 can be deferred to 31 March 2021
- Qualifying self-assessment payments are those which were ordinarily due to be paid by 31 July 2020 can be deferred to 31 January 2021
- Any tax bill that you are struggling to pay VAT/PAYE/Corporation Tax/Self-Assessment, you may still be able to agree a Time to Pay arrangement with HMRC
Tips!!!
If you decide to defer payments it is important to plan your cashflow carefully to ensure you have funds available to make payments by the revised deadlines
How we can help…
We can work directly with yourself and HMRC to agree a Time to Pay arrangement
We can support you in preparing cashflow forecasts and advise on smart ways to reduce costs and get paid on time
As ever, Adams O’Rourke are here if you need any further assistance regarding Covid-19 business support. Click here to get in touch with us.
Take care everyone!