NOTE: This post is more than 12 months old, and the information contained within may no longer be accurate.
Alistair Cunningham
There are schemes to defer both the payment of VAT and income tax (under self-assessment), this video explains the broad terms of each, and why I would suggest there’s little benefit in deferring payment (where affordable).
For more information see: https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19#support-for-the-self-employed
This represents our understanding of HM Revenue & Customs practice as at 12th May 2020.
This video is not intended to be personalised advice.
Tax advice not regulated by the Financial Conduct Authority.
Contact the Author
Alistair, a founding director of Wingate Financial Planning, specialises in complex client cases, particularly owner-managed businesses, pensions, and retirement planning. He is a member of the Wingate Investment Committee and a Chartered Financial Planner, Fellow of the Personal Finance Society, and member of STEP and the Chartered Institute of Taxation.
