Coronavirus is impacting nearly all UK businesses, with many of us having a significant drop in revenue. As a result, unless you have your tax money already set aside, it may be difficult to pay upcoming tax bills.
If that is you, here are some initiatives that the government has announced to support businesses who are having trouble with finding the money to pay tax due.
I cannot pay my tax bill because of Coronavirus
If you are VAT registered you will be able to delay your next VAT payment (due from March 2020 to June 2020) until the end of the year (2020).
This is still payable at the end of the year, and you do not need to apply to receive this delay.
July 2020 payment on account delayed to January 2021.
This is not a wiping of the liability but a delayed payment term.
You do not need to apply for this – it will be automatically allowed.
HMRC has a set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to coronavirus (COVID-19).
The helpline allows any business or self-employed individual who is concerned about paying their tax due to coronavirus to get practical help and advice. Up to 2,000 experienced call handlers are available to support businesses and individuals when needed.
If you run a business or are self-employed and are concerned about paying your tax due to coronavirus, you can call HMRC’s helpline for help and advice: 0800 0159 559.
For those who are unable to pay due to coronavirus, HMRC will discuss your specific circumstances to explore:
* agreeing an instalment arrangement
* suspending debt collection proceedings
* cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately
The helpline number is 0800 0159 559 – and is an addition to other HMRC phone contact numbers.
Opening hours are Monday to Friday 8am to 8pm, and Saturday 8am to 4pm. The helpline will not be available on Bank Holidays.