The Government has put in place an unprecedented package of support for businesses and individuals affected by COVID-19. This includes the deferment of VAT and Self-Assessment payments for specified periods, with interest on these deferred payments waived. The VAT deferral ended at the end of June as planned, and payments are now due as normal.
HMRC’s Time to Pay scheme continues to be available to any taxpayer in temporary financial distress and with outstanding tax liabilities, including those in the coach industry. Time to Pay agreements are tailored to each taxpayer’s circumstances and can include deferment of tax payments and an agreed time period to repay. They can cover any tax liability including VAT.
Any taxpayer with an existing Time to Pay arrangement that finds their circumstances have changed as a result of COVID-19 should contact HMRC to discuss their situation. HMRC’s dedicated COVID-19 helpline can be reached on 0800 024 1222.