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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.

Self-employment Income Support Scheme

This is a link to what you need to do to qualify for the job retention scheme

HMRC Job Retention Scheme latest

Job Retention Scheme

Furlough Questions, particulary holiday entitlement

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

Deferring tax payments

If you have deferred tax payments you can now schedule the deferred payments into a payment plan if you can't afford to pay in one go. In most cases you can do this online.

Self Assessment payment plan

The VAT payment plan in not in place yet, but you can take steps to get ready for it here

Paying deferred VAT

There are amendments proposed to include self-employed and freelance workers in the 80% top up

More details are coming through, this link has been updated

https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

The good news is they seem to be adding Employers NI and pension contributions on top of the 80%/£2500

It also looks like we will have to calculate the claim but they have the right to (and probably will) cross reference back to RTI records (Real Time Information, the monthly payroll submissions we send them)

The accountancy bodies have asked that the portal be linked to our agent accounts as it is a lot easier for us to handle this for you, you just need to let me know who is on furlough and from when. Please note that the minimum period is 3 weeks, the maximum currently 3 months but may be extended.

For those already sick/self-isolation because of Covid 19 but will be on furlough without returning you will need to consider carefully as HMRC will repay up to 2 weeks sick pay, so potentially you have 3 and a half months financial assistance!  

CIPP fact sheet

Government support for businesses

Business Interruption Loan Scheme

Government guidance for employers

General Covid 19 guidance

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?

More details now available, see top of page

There is a similar scheme for the self-employed, details now above

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

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/