Andrew Wallis
- Corporate and International Tax Partner
- +44 (0)330 124 1399
- Email Andrew
Last updated 20 January 2021
In the Budget, the Chancellor announced that HMRC would scale up its Time To Pay (“TTP”) service, giving businesses (including the self-employed) the chance to defer tax payments.
HMRC now has up to 2,000 staff available on a phone helpline to assist businesses who are concerned about meeting their tax liabilities due to Coronavirus.
These staff are available to discuss your specific circumstances to explore:
There are new specific rules relating to Payments on Account of Income Tax and National Insurance for the self-employed.
Where a formal TTP arrangement is needed, our specialists are available to assist you in putting such measures in place. If we assist you with the process your TTP application is more likely to be successful, and allows you to focus on running your business. The following practical advice will help the process:
Further information can be found here and the HMRC COVID-19 Helpline number is 0800 024 1222.
As well as deferring tax there are several steps a business can take to improve its cashflow position from a tax perspective.
For further information and guidance, please get in touch.
Our team is well resourced and experienced in advising companies and not-for profit organisations, allowing you to focus on managing your business during this trying period. We are set up to work from home so you can expect the same level of service, albeit remotely rather than in-person. We have:
Do call us on 0330 124 1399, via our enquiry form or speak to your usual Kreston Reeves contact.
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