Payment dates to HMRC changed due to COVID-19
With the outbreak of COVID-19 gripping the nation HMRC have announced some changes to the payment dates for VAT and Self-assessment. I would like to take this opportunity to clarify that although there has been a change to the payment deadlines the returns still have to be filed on time.
VAT Returns and payments
The VAT payment for periods so far affected are:
- Quarter ending 28/02/2020 – payment deferred until 30/06/2020
- Quarter ending 28/03/2020 – payment deferred until 30/06/2020
- Quarter ending 30/04/2020 – payment deferred until 30/06/2020
- Quarter ending 31/05/2020 – payment due to 07/07/2020
ALL VAT returns still need to be submitted on time.
Self-assessments returns and payments
The Self-assessment payments have also changed:
- The payment due 31/07/2020 is now due 31/01/2021
- The 2019/20 balance payable is now due 31/01/2021
Please bare in mind the 1st payment for 2020/21 is still due 31/01/2021 as is the filing deadline for 2019/20.
Other information for businesses during COVID-19
If you have business premises and receive business rates relief you could be eligible for a grant of up-to £10,000. This does not need to be applied for.
If you need to apply for a Financial assistance loan for your business then you will need to apply to your bank.
We are waiting for further guidance to be released for self-employed and for companies employing staff and operating payrolls and will update you once we have further information.