COVID-19 – What if I cannot pay HMRC?

A dedicated helpline has been set up by HMRC to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs.

Each agreement is made on a case by case basis. The hotline number is 0800 015 9559 and more details are available here.

HMRC will charge interest on deferred tax payments, but following the Bank of England base rate reductions, the usual rate of 3.25% is due to decrease, but has not yet been officially announced.

In addition, payment penalties will be waived during the coronavirus outbreak.

HMRC often require cash flow forecasts to be prepared, a service which Bishop Fleming can assist you with.

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