Welcome to brookwood
Time To Pay
HMRC Recognise most companies will be significantly impacted, primarily in terms of Cashflow.
To help HMRC have set up the following
Automatic VAT Deferral
- Automatic VAT deferral – Payments due from 20 March to 30 June 2020 will be deferred and businesses will have until the end of the financial year to repay. Deferral does not include Import VAT and/or Duty Deferment where formal Time to Pay Arrangements will need to be agreed with HMRC.
Self Employed and Business Tax Liabilities
All businesses and self employed people in distress with outstanding tax liabilities may be eligible for support with outstanding tax liabilities including PAYE due by 30 June 2020.
Time to Pay Agreements
With the exception of VAT, HMRC expect companies to settle amounts of tax deferred by 30 June 2020 or seek formal Time to Pay to agree instalment plan.
- A dedicated helpline has been set up by HMRC through which arrangements will be tailored to specific circumstances on a case-by-case basis.
- With the exception of automatic VAT deferrals, interest will be due on deferred tax payments.
BROOKWOOD AT A GLANCE
Working With The Best
Brookwood work only with the most efficient and trusted partners to bring our clients the best possible solution to suit their needs.