Deferral of Business Tax Payments

The Government have updated their COVID-19 Business Support web page with details of deferrral of VAT and some Self-Assessment tax payments.  

With effect from 20th March until 30 June VAT payments can be deferred, and will not need to be paid until the end of the 2020/21 tax year.  Please note that VAT Returns will still need to be submitted according to the normal deadlines.  

The self-employed will also be able to defer their second payment on account of income tax due on 31 July 2020 until 31 January 2021.

Both of these deferrals will be automatic and no action to claim them is required.  
Web link: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-through-deferring-vat-and-income-tax-payments

So far there has been announcment about deferral of corporation tax or non-business taxes, but HMRC have confirmed that following the cuts to the Bank of England interest rate the rates of interest for late payment of taxes will also be cut from 30th March, but as yet the actual rate has still to be confirmed.  

We will keep you updated with further developments.