Your accounting deadlines and tax liabilities
Compliance work
We will be checking that you wantfurther work doing, or please contact us if you would like work on your accountfrozen so as not to incur further fees where possible
Time to pay taxes
A new time to pay helpline has been set up for taxes due. We recommend contacting HMRC before taxes are overdue, but time to pay extensions should be possible for PAYE, Corporationtax and VAT (see below). The time to pay COVID-19 dedicated helpline is 0800 0159 559.
All letters advising clients of liabilities will now include contact details of the new time to pay helpline, please speak with us if you need help with deferring payments or planning future payments.
VAT deferral
There was an automatic deferral of VAT due for payment in the period from 20 March 2020 to 30 June 2020. This VAT must was then be paid by 31 March 2021, on 24 September 2020, the Chancellor announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period.
Instead of paying the full amount by the end of March 2021, you can make smaller payments up to the end of March 2022, interest free. This is not automatic and will require action if you wish to spread payments.
You will need to opt-in to the scheme, and for those who do, this means that your VAT liabilities due between 20 March and 30 June 2020 do not need to be paid in full until the end of March 2022.
Those that can pay their deferred VAT can still do so by 31 March 2021.
Self assessment
Any self assessment tax that was due on 31 January 2021 must be either paid, or anagreement made to spread payments before 31 March 2021 or a 5% surcharge willbe incurred. Speak to HMRC time to pay to make an arrangement. https://www.gov.uk/difficulties-paying-hmrc
Accounts filing
Companies to receive 3-month extension period to file accounts during COVID-19
Most companies have an automatic 3 month extension during 2020 to their filing deadline for accounts, but the tax deadline remains 9 months and 1 day. Check Companies House to see your deadlines if unsure.
