Due to the immediate and stark effect that the Covid-19 outbreak is having on a lot of businesses, the Government has reminded everyone that it often reaches arrangements with businesses in financial distress for deferred payment of their tax liabilities. While this facility is not new, the Government expects the demands on the service to increase dramatically and is therefore scaling up its capacity to deal with new enquiries.
Key features
- Applies to any business (including self-employed people) which is struggling to pay its tax liabilities.
- All “time to pay” arrangements are agreed on a case-by-case business: So if you are interested you should contact HMRC to see if and how they can help.
- “Time to pay” arrangements are intended for businesses having issues paying immediate tax liabilities. If you are concerned about being able to meet future tax liabilities then you should contact HMRC nearer the time.
Further information about this announcement is available on the businesssupport.gov.uk website here.
The dedicated Coronavirus helpline for “time to pay” is: Telephone: 0800 024 1222
Monday to Friday, 8am to 4pm
If you have any queries regarding these arrangements please contact the author or your usual Lewis Silkin contact.