Your accounting deadlines and tax liabilities
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.
There is an automatic deferral of VAT due for payment in the period from 20 March 2020 to 30 June 2020. This VAT must then be paid by 31 March 2021. No application is necessary to make the deferral, businesses can simply not make any payment due in the period. VAT refunds will be made as usual. VAT returns must till be submitted on time, Please click on the following link for further information: https://www.gov.uk/government/...
If you have a direct debit set up for your VAT payment with HMRC and you wish to pay the VAT at a later date then you will need to cancel the direct debit you have set up, this will avoid any VAT liabilities being automatically taken. HMRC cannot cancel this for you.
- If you have a personal tax payment on account due 31 July 2020 you may be eligible to defer the payment until 31 January 2021 at the latest.
- The deferral is available to any self-assessment tax payer “finding it difficult to make your second payment on account by 31 July 2020 due to the impact of coronavirus”.
- If you wish to defer this is automatic, there is no need to contact us or HMRC, no interest will be charged if the tax is paid on or before 31 January 2021. You should retain evidence of your inability to pay (e.g. bank statements for July 2020)
- If you defer you may have the deferred July 2020 payment, any 19/20 balancing charge and the first 20/21 payment on account all due at 31 January 2021.
Companies to receive 3-month extension period to file accounts during COVID-19
As of 25 March 2020, businesses will be able to apply for a 3-month extension for filing their accounts.
This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus.
There are approximately 4.3 million businesses on the Companies House register, and all companies must submit their accounts and reports each year. Under normal circumstances, companies that file accounts late are issued with an automatic penalty.
As part of the agreed measures, while companies will still have to apply for the 3-month extension to be granted, those citing issues around COVID-19 will be automatically and immediately granted an extension. Applications can be made through a fast-tracked online system which will take just 15 minutes to complete.
Please click on link below to see full information: