Anyone can opt to defer!
VAT payments are deferred for 3 months, applicable from 20 March 2020 until 30 June 2020 – all UK businesses are eligible. This is an automatic offer with no applications required.
Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. If you normally pay by direct debit, you should cancel the direct debit with your bank if you are unable to pay.
Income Tax Self-Assessment payments due on the 31 July 2020 may be deferred until 31 January 2021. You do not need to be self-employed to be eligible for deferment. Please note that deferment is optional. If you are still able to pay your second payment on account on 31 July you should do so. Again, this is an automatic offer with no applications required. No penalties or interest for late payment will be charged if you defer payment until January 2021.
If you would like clarification, please call your usual contact or email [email protected]