VAT and Income Tax deferments available as part of Coronavirus business support
It’s one of the reasons we write our blog but it can be tricky, even for us, to keep on top of all of the benefits directors and business owners may be eligible to claim for their company.
For instance – did you know you could defer your VAT payments by three months?
It’s true. If you’re a UK VAT registered business and your next VAT payment is due anytime between 20th March and 30th June 2020 then you have the option to defer this payment until a later date.
If you want to pay it as usual then you can, but it offers some flexibility that might be appreciated if needed at the moment.
Similarly, any business due to make a self-assessment Income Tax payment on account by 31st July 2020 has the option to defer their payment until January 2021.
Remember – this is also an optional arrangement and unlike business rates has to be paid at some point.
The offer is automatic, just make sure that if you have a direct debit set up, and you want to defer, then it is up to you to cancel it, which you should be able to do from your online banking system.
New Year’s Day was just three months ago. Honestly it feels more like three years ago.
Every business in the country will be affected by the Coronavirus pandemic – possibly in ways that won’t become apparent for some time.
Even if things look OK for your company today, you can still arrange a free initial virtual consultation with one of our team.
An experienced advisor will go through any concerns you might have and help you come up with a roadmap to assuage them and leave you feeling more confident than you did before.
They can also point out any potential trips and traps when they know about them to help you adapt and alter your plan if required.