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<p>The Government has announced unprecedented support for public services, business
and workers to protect against the current economic emergency. Our economic response
is one of the most generous and comprehensive globally.</p><p> </p><p>HMRC are also
delivering Time to Pay to fit the specific impacts of Covid-19. Time to Pay is a pre-existing
scheme available to all firms and individuals who are in temporary financial distress
as a result of Covid-19 with existing liabilities to HMRC and are unable to pay their
tax on time. The government has ensured that businesses and self-employed individuals
in financial distress and with outstanding tax liabilities can receive help and advice
with their tax affairs. HMRC has set up a dedicated COVID-19 helpline to help those
in need, and they may be able to agree a bespoke Time to Pay arrangement. A business
or self-employed individual can contact HMRC’s helpline for help and advice on 0800
024 1222.</p><p> </p><p>In addition, the government is deferring Value Added Tax (VAT)
payments so UK VAT registered businesses will not need to pay any VAT due alongside
their normal VAT return from 20 March through to the end of June – a deferral worth
over £30 billion or 1.5% of GDP. Businesses will have until the end of the financial
year (March 31st 2021) to pay back any deferred VAT. This is to help support businesses
with their cash flows, and support individuals’ employment. The option to defer VAT
is open to all £2.3 million UK VAT registered businesses.</p>
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