The government has provided an extension for UK businesses unable to meet the self-assessment deadline.
Tax payments are traditionally due on January 31st, however HMRC has said that anyone unable to submit their online return by this date will not be subject to any late payment charges if the return is filed by February 28th.
Anyone unable to pay by the due date can apply for a ‘time to pay’ agreement which enables payments to be spread over the following year.
Jim Harra, chief executive at the HMRC, said: “We want to encourage as many people as possible to file their return on time, so we can calculate their tax bill and help them if they can’t pay it straight away.
“But we recognise the immense pressure that many people are facing in these unprecedented times and it has become increasingly clear that some people will not be able to file their return by 31 January.
“Not charging late filing penalties for late online tax returns submitted in February will give them the breathing space they need to complete and file their returns, without worrying about receiving a penalty.
“We can reasonably assume most of these people will have a valid reason for filing late, caused by the pandemic.”
V4B Business Finance also supports businesses with split payment funding. As an alternative finance provider our clients can request to spread payments, usually between three and 12 months not only for personal tax but also VAT, corporation tax and other alternative finance arrangements.
The Coronavirus Business Interruption Loan Scheme (CBILS) also continues to provide additional support to businesses which have been impacted by the pandemic. The deadline for applications for this is March 31st.
V4B Business Finance is an accredited provider of the scheme and has already helped thousands of businesses with finance, supporting those who have been impacted by the pandemic the most.
Businesses with an annual turnover of up to £45 million can access business loans up to a maximum loan amount of £5million. The government guarantees 80% of the loan and pays interest and any fees for the first 12 months meaning that smaller businesses can benefit without upfront costs and lower initial repayments.
We are offering support to all eligible businesses who would like to join the CBILS scheme and will assist throughout the application process.
Several changes, which will impact on UK businesses this year, were announced at the start of 2021 including tax changes. Our recent blog outlines how these could impact you. READ IT HERE
Many businesses turn to alternative finance provides such as V4B Business Finance after failing to secure additional funds from high street banks. We offer flexible arrangements and as a broker we have access to an extensive list of funders, which means we provide competitive rates.
V4B Business Finance
V4B Business Finance has continued to provide vital business funding during lockdown and throughout the pandemic. We arrange traditional funding, both unsecured loans and asset finance. Decisions can be made in as little as 24 hours.
For a FREE business funding consultation contact:
Call 01978 668939