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COVID-19 Advice – spreading the cost of tax bills

Article

COVID-19 Advice – spreading the cost of tax bills

30 Sep 2020

1 minute read

Rishi Sunak has announced that businesses who deferred their VAT and individuals who deferred their self-assessment bills using a Time To Pay (TTP) arrangement at the beginning of the pandemic will be given the option of a new payment scheme which has the option to pay back smaller instalments.

COVID-19 Advice – spreading the cost of tax bills - news article image

Rishi Sunak has announced that businesses who deferred their VAT and individuals who deferred their self-assessment bills using a Time To Pay (TTP) arrangement at the beginning of the pandemic will be given the option of a new payment scheme which has the option to pay back smaller instalments.

For example, those who are due to pay a VAT lump-sum at the end March 2021 will be able to make 11 smaller interest-free payments during the 2021-22 financial year.

In addition, Income Tax payments which were deferred from July 2020 and those due in January 2021 will now not need to be paid until January 2022.

Author:

Emily Hillier

Associate Director Personal Tax

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Author:

Emily Hillier

Associate Director Personal Tax

Need expert advice?

Speak to an expert for advice on
+44-1865 292200 or get in touch online to find out how Shaw Gibbs can help you

Email
info@shawgibbs.com

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