COVID-19: Time to pay VAT, Corporation Tax, PAYE and CIS

Specific industries and sectors (travel, hotels, entertainment, pubs & restaurants etc.) are being hit very hard by the impact of the Coronavirus. HMRC will now consider deferring any payments for VAT and PAYE using a 'time to pay' arrangement where your business is being affected (by the virus). Each arrangement will be assessed on a case-by-case basis and will look at what you can afford to pay and then use that to work out how much time you need to pay it.

HMRC typically expects you to pay no more than 50% of your disposable income. This may be higher if you have a very high disposable income. There's no upper limit on the amount of time that someone can have to pay & the arrangement can cover all outstanding amounts overdue including penalties and interest.

90% of their time to pay arrangements are completed successfully.

If a 'Time To Pay' arrangement would be beneficial to you, you can find much more information on the Government's website or call the HMRC's dedicated helpline: 0800 0159 559.

After an initial deferment (where applicable), the business can also apply for further assistance via a Time to Pay arrangement. Typically, instalments of no longer than 12 months can be granted, however under these circumstances we expect there to be special concessions made.

We understand that as our clients you will all have different issues and different needs, so there are bound to be some financial questions you may need help with. We are here if you have any questions you would like to ask. Please call us on +44 (0)20 886 7575 or email marketing@lawencegrant.co.uk