A reminder that the VAT returns and payments deadline is coming up on Tuesday 7th July.
With cash flow remaining an issue for many in light of the COVID-19 crisis, a Time to Pay (TTP) Arrangement may be a suitable option to ease short-term pressure.
There are several qualifying conditions that need to be met in order for a TTP Arrangement to be agreed by HMRC, which include:
- An upfront payment of a proportion of the tax due, which does not include any PAYE/NIC amounts covered by the Coronavirus Job Retention Scheme
- HMRC is satisfied that taxes covered in the TTP Arrangement, and those arising in the TTP period will be paid.
Please find further details on applying for a Time to Pay Arrangement here.
If you would like any further assistance, or to discuss applying for a Time to Pay Arrangement in more detail, please get in touch with our experts.