DSM Chartered Accountants – Business Tax News update, 19th March 2020

HMRC now have their dedicated covid-19 virus business ‘time to pay’ (TTP) helpline working, which is on telephone number 0800 0159 559.

DSM are recommending businesses take this opportunity to help business cashflow over the coming uncertain months when the virus is expected to peak but please remember you will still have to pay HMRC sometime this year.

From today HMRC will approve a 3 months deferred payment period on all taxes due to be paid by businesses, including PAYE, VAT and corporation tax. Please have your all your tax references to hand when you phone HMRC and ask for the TTP to apply to all taxes you would normally be paying in the next 3 months. You may be asked if the virus is affecting your business but we have not heard any minimal impact precludes your business from the TTP approval.

HMRC phone lines are extraordinarily busy so do expect a wait of over one hour before your call is answered. Once approved your business will not get charged penalties or interest for late payment. Do ask for the name of the HMRC officer and make a note of the phone call date and time, as this will be the only reference given by HMRC.

Make a diary note for exactly 3 months hence to phone HMRC again. Subject to the virus circumstances at that future date, HMRC are saying they will further consider an extended deferred payment period or otherwise more immediate payment arrangements will have to be agreed with them.

Self-Assessment tax payments due on 31st July 2020 are still too early to ask HMRC for a ‘time to pay’ arrangement. We recommend you contact HMRC about this tax from the end of May 2020 onwards.

Please contact DSM for any help or guidance you may additionally require in respect of the above.

CategoryAdvice, COVID-19, Local, News