We felt that this was worth a reminder as we look ahead to the potential concerns on funding at the start of 2021 when businesses will have to address the VAT or Self-Assessment Tax Deferrals that they have taken advantage of over the CV19 outbreak.
It’s worrying to heard from such representative bodies as the Federation of Small Businesses of a concern that the first quarter of 2021 could see 700,000 small businesses disappear as these deferrals combined with payment and interest suspensions from lenders come back into play.
HMRC’s updated policies on how they will deal with taxpayers who have a tax debt can be found here
Source: centurionvat.com
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