Coronavirus – How HMRC can (and will!) help minimise the financial impact on you and your business

HM Revenue & Customs (‘HMRC’) has set up an additional phone line to help financially support individuals and businesses who are feeling the financial effects of coronavirus (COVID-19).

Those who have concerns regarding their ability to meet their tax liabilities due to the ongoing pandemic are encouraged to contact the helpline with a view to explore the following options:

• Agreeing time to pay via installments
• Suspending debt collection proceedings
• Cancelling penalties or interest charges arising from administration difficulties

Our experience with the new helpline thus far has been positive, with HMRC appearing to take a sympathetic view, and allowing payments to be spread over an extended period of time in order to aid both individual and business cashflow management. This is providing some comfort to those with concerns regarding their ability to meet payments as they fall due over the coming months.

The helpline number is 0800 0159 559 and opening hours are Monday – Friday 8am – 8pm, and Saturday 8am – 4pm.

If you are unsure about what Government support package is available to your business, we are here to help. We have created a simple toolkit that cuts through the noise and makes you aware of exactly what help is available to you. It takes a few minutes to fill out and you can find it on our COVID-19 Information hub. 

By Stuart Petrie, Business Advisory Services Director at AAB

Find out more about Stuart and the Business Advisory Services team