COVID-19 and your taxes - Do you need time to pay ?
What assistance is available from HMRC?
HMRC have set up a dedicated “Time to Pay” service for businesses and self-employed people who may have VAT/ PAYE obligations and self-assessment payments.
How does this work in practical terms?
This service is already up and running and HMRC will discuss your specific circumstances and where appropriate:
- agree an instalment arrangement (tax payments over say 3 to 6 months)
- suspend any outstanding debt collection proceedings
- cancel penalties and interest where you have administrative difficulties paying HMRC immediately
How can Sopher + Co help?
HMRC have set up a dedicated helpline and we as your agent, providing we have authority to act on your behalf, (in most cases we do) will call HMRC to discuss your circumstances with them in order to agree a schedule to give your business time to pay outstanding tax liabilities.
The helpline number is 0800 0159 559 – further information is available HERE.
What about business rates?
The latest information on business rates is that there will be a twelve month business rates deferral for businesses in the retail, hospitality and leisure industries in England for the 2020-2021 tax year.
Additionally, the Chancellor's package of measures for businesses includes small business grant funding of £10,000 for all businesses which receive small business rate relief. There is also grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000.
If you think your business may be eligible for the funding, enquiries should be made to the relevant local authority where the business is situated.
Should you wish to discuss anything in more detail or if you would like specific advice then please do not hesitate to contact your Sopher + Co adviser. Alternatively you can complete our online contact form, email us at enquiries@sopherco.com or call 020 8207 0602.