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Tax Deferrals Announced In The Winter Economic Plan

Some useful help for struggling businesses ...

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POSTED BY ROGER EDDOWES ON 08/10/2020 @ 8:00AM

Announced in the Winter Economic Plan by Chancellor Rishi Sunak, businesses that are struggling with cashflow, who deferred paying VAT in March to June 2020, can now spread their payments into eleven interest-free installments ...

The Chancellor announced some good news for struggling businesses in his Winter Economic Plan!

The Chancellor announced some good news for struggling businesses in his Winter Economic Plan!

copyright: bleakstar / 123rf

This can be paid during the financial year of 2021/22 rather than the end of March 2021 which was originally announced. All businesses that used a VAT deferral can use the new payment plan, though they will have to opt into the scheme.

"Self-Assessment taxpayers will also be given more time to pay!"

Taxes are due in January 2021 for the 2019/20 tax year, and this deferment builds on the original July 2020 payment on account. Those taxpayers with up to £30,000 self-assessment liabilities can use the Time to Pay facility to create their own plan over 12 months.

Also announced by the Chancellor was the extensions to the temporary VAT reduction from 20% to 5% for businesses in the hospitality and tourism industry. This scheme now runs until the 31st March 2021, and although not strictly a deferment, it is worth including in this blog post as a useful piece of legislation.

Until next time ...

ROGER EDDOWES
Business Godparent

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About Roger Eddowes ...

 

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.