Tax Deferrals

Corporation Tax

Businesses that are struggling to make their tax payments to HMRC by the required deadlines may be able to negotiate and ‘Time to Pay’ agreement with HMRC. Taxpayers seeking ‘Time to Pay’ should be able to justify why a deferral of payment is needed.


For taxpayers with a Customer Compliance Manager this is likely to be the quickest route to seek an agreement.


For more information, please visit https://www.gov.uk/difficulties-paying-hmrc or contact us directly.


VAT

The Government allowed businesses to defer payments of VAT that were due between 20 March 2020 and 30 June 2020.


HMRC have confirmed that taxpayers who opted to defer a VAT liability during that time may either pay in full by 31 March 2021 or they can opt in to a ‘new payment scheme’ allowing them to spread the liability over up to 11 equal instalments over 2021-22.


Businesses will be able to opt in to the new scheme in early 2021.


For more information, please visit https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19 or contact us directly.


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