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Business expenses
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<blockquote data-quote="Sharpend" data-source="post: 496043" data-attributes="member: 17152"><p>I suppose the silver lining is that most self employed will be considerably down on previous years turnover so the tax burden will be greatly reduced therefore the payment on account would be reduced accordingly anyway, so the overall tax bill for the year will be reduced. </p><p></p><p>as for the deferred Vat will that not depend on whether you have large Vat-able purchases already in the system and will need the business to pick up almost immediately after the pandemic to be in a position to actually have the money to pay at the year end? Remember the Vat that is deferred is to be used to support the business through these testing times, so will not be available come the year end? </p></blockquote><p></p>
[QUOTE="Sharpend, post: 496043, member: 17152"] I suppose the silver lining is that most self employed will be considerably down on previous years turnover so the tax burden will be greatly reduced therefore the payment on account would be reduced accordingly anyway, so the overall tax bill for the year will be reduced. as for the deferred Vat will that not depend on whether you have large Vat-able purchases already in the system and will need the business to pick up almost immediately after the pandemic to be in a position to actually have the money to pay at the year end? Remember the Vat that is deferred is to be used to support the business through these testing times, so will not be available come the year end? [/QUOTE]
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