The government will introduce a new “time to pay” (TTP) scheme, to help businesses and self-employed individuals manage their cash flow in light of financial difficulties caused by COVID-19.
There will be a dedicated helpline and bespoke arrangements will be offered to enable taxpayers to defer tax liabilities for a time-limited period.
Interest and penalties arising from the late payment of tax as a result of COVID-19 or from administrative difficulties in contacting HMRC will be waived.
For further questions in relation to tax-related issues in general or on the above article, please contact James Cohen directly on [email protected] or 0207 822 2257.
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