Deferring VAT and Income Tax payments

Kevin Ayton 24th March, 2020

Coronavirus COVID-19, HMRC & gov.uk

Deferring VAT and Income Tax payments

VAT – ALL UK BUSINESSES ELIGIBLE

Valued Added Tax (VAT) payments have been deferred for three months. The deferral will apply from 20 March 2020 until 30 June 2020. This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.

This is an automatic scheme which you do not need to apply for.

Income Tax for Self-Employed – ALL SELF-EMPLOYED INDIVIDUALS ELIGIBLE

If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021. This applies to Income Tax Self-Assessment individuals.

This is an automatic scheme which you do not need to apply for.

HMRC have also scaled up their Time to Pay offer to all firms and individuals who are in temporary financial distress as a result of Covid-19 and have outstanding tax liabilities. 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.

This information was sent to us by PSF Accounting http://psfaccounting.co.uk/ and is intended for you to share.

Within weeks of asking Kevin at LLH Solutions to market our public house we had several viewings. We'd been on the market for a long time with other agents with little or no interest, so with LLH’s fair but realistic valuation, reasonable fees and excellent marketing techniques immediately showed they were better than other agents and ultimately proved to be the right choice for us as our Pub sold, allowing us to enjoy our well-earned retirement. We would highly recommend LLH Solutions to anyone looking to sell.

Jacquie Dennis - The Bell, Gosberton

Kevin has represented me for two business sales. Not only did I get more for the business than I would have without Kevin’s services, but the pressure and stress of the process was taken off my shoulders. KSA Commercial allowed me to focus on the day job whilst Kevin found the clients, negotiated, and dealt with the nitty-gritty. Knowing that you have someone in your corner fighting for your interests, and getting the best possible outcome for you is worth the fee alone. I would never sell (or buy) a business without using LLH Solutions
Ben Taylor-Wright - Cambridgeshire Coffee Services

After being on the market with two different agents for quite some time, we chose LLH Solutions as we were really impressed with Ben and Kevin at our initial meeting. After lots of interest, viewings then offers, we sold for very close to our asking price. Sound Valuation, great marketing, good knowledge and information and reasonable fees. Recommend them to anyone.
Steve and Sue Sharpe - The Hollybush, Ashby Parva

Used this company first in 2017 went above and beyond in negotiating the best price for me, they were efficient and professional throughout. Constantly on hand for support and advice to ensure the sale went through quickly and smoothly. They were therefore the first people I called when I was looking to let out another licensed premises. They let the property very quickly, and again worked tirelessly to see the process through on my behalf, acting as a middle man between myself and my tenants. I cannot recommend LLH Solutions highly enough. Their expertise and professionalism is second to none
Alison Roberts

Highly recommend this company, Kevin really helped me out with my tenancy and is just a really nice chap.
Deborah Rolfe - The Green Dragon, Ryhall