For years HMRC has provided bespoke support to people who find themselves in financial or personal difficulty via the Time to Pay Scheme. More businesses than ever are now finding themselves in this category, and should be making use of the scheme.
Why should I use Time to Pay?
Keep more cash in the bank by deferring PAYE and National Insurance payments.
How do I defer a payment?
You cannot simply withhold payment. You must call the HMRC helpline on 0800 024 1222 (note new number) in order to agree the terms of the scheme. The terms will differ depending on your financial situation.
What will I need?
Before you make the call, make sure you have the following to hand:
Note: your payroll report will include a P32 – This is where you should find the required references / amounts due.
- Your business name and business address
- Your PAYE reference number
- Your 13 digit Accounts Office Reference number (also called ‘collection reference’)
- The amount you want to delay
We have contacted HMRC and they have advised that businesses are best advised to cancel any VAT Direct Debits both with HMRC and their own bankers. If your VAT payments are automatically taken by direct debit, please cancel at your earliest convenience. Currently, any VAT payments due after 30th June 2020 should be paid on time.
For more information about what support is available, including the Coronavirus Business Interruption Loan Scheme which opened for applications yesterday, visit our earlier blog.
For further advice, call us on 0161 905 1616.