TaxCalc Blog

Taxes - Time to Pay

There are a range of business support measures available for businesses and individuals which include deferring payment of certain taxes.

VAT

A UK VAT registered business that has a VAT payment due between 20 March and 30 June 2020 has the option to defer payment to a later date, before 31 March 2021. The VAT return still has to be submitted as usual but HMRC do not need to be informed of the payment deferral. No interest or penalties will be charged as a result of this specific deferment.

Self Assessment

Self-employed and other individuals falling within Self Assessment filing for income tax usually have a second payment on account due on 31 July. HMRC has provided an option to delay payment until 31 January 2021 on which no interest will be charged.

In addition, there is an online service for individuals to arrange to pay in instalments by accessing their government gateway account, if they owe less than £10,000. Alternatively, for those unable to access online services there is a Self Assessment payment helpline:

Telephone: 0300 200 3822
Monday to Friday, 8am to 4pm

Other taxes

For other taxes, such as corporation tax that can’t be paid, the Payment Support Service can be contacted:

Telephone: 0300 200 3835
Monday to Friday, 8am to 4pm

Other financial help for businesses includes information on paying employees, grant funds available and help for the self-employed.