“It’s been a dreadful year, I think we all have to acknowledge that and HMRC do as well and that’s really important. We’ve also got companies and individuals who are heading towards significant tax liabilities over the next couple of months, and it’s knowing what they can do, where they can go to get help.”Topics Pearson covers include:
Self-AssessmentIf you cannot pay your 5th April 2020 tax bill in full by 31st January 2021, either:
- Call HMRC on their Self-Assessment Payment Helpline: 0300 200 3822
- Set up a payment plan online
- you owe ?30,000 or less
- you do not have any other payment plans or debts with HMRC
- your tax returns are up to date
“I can’t stress enough that HMRC want to work with you, what they don’t like is people ignoring them.”
VATIf you deferred VAT between 20th March and 30th June 2020 and still have payments to make, you can:
- pay the deferred VAT in full on or before 31st March 2021
- opt in to the VAT deferral new payment scheme when it launches in 2021
- pay your deferred VAT in instalments without adding interest
- select the number of instalments from 2 to 11 equal monthly payments
- still have deferred VAT to pay
- be up to date with your VAT returns
- be able to pay the deferred VAT by Direct Debit
Getting ready to leave the EUWhen the UK leaves the EU your business must be ready. Take this online survey to find out what you need to do to ensure a smooth transition.
“The crystal ball just isn’t working, we still don’t have a deal. I think the most important thing is make sure that you’re appointing an agent. You don’t want to be trying to navigate, bringing goods into the UK, or exporting until everything settles down and everyone knows what they’re doing.”HMRC are in the process of writing to all VAT registered businesses highlighting actions that should be taken if they plan to continue trading with the EU after 1st January 2021. If this affects you, the key actions that you must take are:
- Appoint a specialist to deal with import and export declarations. Most businesses use a third party such as a freight forwarder or fast parcel operator to deal with this, and do not do their customs declarations themselves.
- Check to see if you will be able to delay your declarations or duty payments.
- Register for the free-to-use Trader Support Service if you plan on moving goods into Northern Ireland from 1st January 2021 Trader Support Service (TSS)
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