VAT - You don't have to tell HMRC if you want to defer, just don't pay it
BUT IF YOU PAY BY DD YOU MUST CANCEL THIS WITH YOUR BANK OR HMRC WILL TAKE THE PAYMENT
I have just receive an email from HMRC to the help for the self-employed. You should not contact HMRC, they will contact all eligible tax payers and invite them to apply for the taxable grant, they are talking about this being in June.
This is a link to what you need to do to qualify for the job retention scheme
This is the latest I have on deferring tax payments, see link below
The VAT is automatically deferred so you need do nothing unless you pay by direct debit: If this is the case you will need to cancel the mandate.
VAT repayments will continue as normal for those where that is the case
There are amendments proposed to include self-employed and freelance workers in the 80% top up
Ross Martin - This is the most comprehensive collection I have found
CIPP - Chartered Institue of Payroll Professionals, lots of links and advice
Can our personal tax liabilities due this July be deferred, if so until when?
Yes, to Jan 2021
The latest VAT quarter (Feb, March and April), can this also be deferred, if so until when? Yes to March 2021 (Applies to VAT liabilities 20/3/20 – 30/6/20 at present)
Can we claim 80% of our PAYE, if so how? Does this payment cover staff holiday pay and if any of our staff contracts the corona virus, will they only be entitled to only the SSP (£92 UC) per week?
As far as I can tell it relates to all businesses, full details should be available early April. They can reclaim back to 1st March, initially for 3 months but may be extended if required. My early understanding that it applies to staff who would otherwise have been released and they need to be marked “furloughed”. I am not sure yet if it applies to all staff, I DO NOT think it does, and not if they are still working. I am assuming if they are on SSP it will not apply, but up to 2 weeks SSP can be reclaimed and will be repaid if insufficient PAYE to cover it. Hopefully better details will emerge soon.
THIS IS LIKELY TO BE EXPANDED TO INCLUDE THE SELF-EMPLOYED, BASED ON THE AVERAGE OF THE LAST THREE YEARS INCOME
Can we defer our annual company PAYE payment?
Not specifically and not sure how this ties in with the 80% grant but you can ask for “Time to Pay” If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC’s dedicated helpline: 0800 0159 559.
Is there any break for the Corporation Tax liability?
Not specifically to my knowledge yet but you can ask for “Time to Pay” as above
Is there anything else we could claim for, defer or delay?
Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief and the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank. The government will pay the first 12 months interest on the Business Interruption Loan