PAYE, Self Assessment and VAT Deferrals in Response to Coronavirus
HomeNewsPAYE, Self Assessment and VAT Deferrals in Response to Coronavirus
Management Accountant, Francesca Zoppellini explains what we know about PAYE, self assessment and VAT deferrals for businesses in response to the coronavirus:
HMRC have agreed to automatically defer VAT payments for April, May and June until March 2021 – or around that time depending on when your returns fall.
All VAT submissions via MTD or the HMRC website must be submitted by the normal deadlines.
Self assessment payments are also deferred from July 2020 until January 2021, with the same stipulation that all returns are submitted by the normal deadlines.
PAYE and P11D payments unfortunately are not automatically being deferred. This needs to be arranged with HMRC through the Coronavirus Helpline: 0800 024 1222
From our experience, PAYE deferrals can be agreed with varying timescales and stipulations
Speaking to HMRC advisors sooner rather than later is vital to help forecast cashflows more accurately
Time To Pay: This is an arrangement that can be made with HMRC for outstanding liabilities once the deferrals have ended – this may be weekly or monthly but can differ and will need to be confirmed with HMRC
If you would like assistance or advice on any elements regarding PAYE, Self assessment or VAT deferrals, please contact us at:
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