HMRC issues reminder about VAT penalty cut-off date
HMRC has warned businesses that took advantage of the coronavirus VAT deferral scheme last year that a key penalty deadline is looming. What’s the story?
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Loan Charge settlement offers begin to land
HMRC has begun sending formal settlement offers to individuals and employers with outstanding Loan Charge liabilities, alongside detailed new guidance explaining how offers will be calculated and how long recipients have to respond. What’s the full story?
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The hidden income tax benefit of marriage
You recently got married and a relative joked that you can save lots of money because of the tax breaks for married couples. As a newlywed are you entitled to a reduction in your income tax bill?
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September deadline to opt out of winter fuel payment
Pensioners whose income is over £35,000 have only days left to opt out of the 2026/27 Winter Fuel Payment and avoid having it recovered through the tax system. What do you need to know?
At the start of the first lockdown, HMRC announced that VAT payments due between 20 March 2020 and 30 June 2020 could be deferred. The amounts deferred needed to be paid back by 31 March 2021. HMRC has now issued a reminder that if the deferred amounts are not made good by the end of June, a 5% penalty will apply as well as interest. Any business that has not already made good the amounts should make sure they do so by that date.
Alternatively, businesses that are struggling to pay the amount in one instalment can still opt into the new payment scheme here until 21 July 2021, and spread the repayment over the period to 31 March 2022. The number of instalments available will depend when the scheme is joined:
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Join before |
Number of instalments available |
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19 May 2021 |
9 |
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21 June 2021 |
8 |
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