VAT Payment Deferrals

VAT Payment Deferrals

 

The Chancellor, Rishi Sunak, announced a VAT payments deferral on 20 March to support businesses suffering with cash flow problems during the COVID-19 pandemic.

 

If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to:

• defer the payment until a later date

• pay the VAT due as normal

 

By cancelling your Direct Debit to HMRC with your bank, you will opt in for the deferral. However, if you do not cancel this, HMRC may attempt to automatically charge VAT on receipt of your VAT return. There is no need to inform HMRC if you wish to defer your payment. If you wish to, you can continue to make payments as normal during the deferral period.

 

HMRC will also carry on paying repayment claims as normal. You must continue to submit VAT returns as normal. VAT payments due following the end of the deferral period will have to be paid.

 

Further information about how to repay the VAT you’ve deferred will be available soon.

 

If you would like free advice from a Chartered Management Accountant during this period, please do not hesitate to contact us– we would be more than happy to support small businesses in any way we can!

18 thoughts on “VAT Payment Deferrals”

  1. An outstanding share! I have just forwarded this onto a friend who has been doing a little homework on this.

    And he in fact bought me lunch because I stumbled upon it for him…
    lol. So allow me to reword this…. Thank YOU for the meal!!
    But yeah, thanx for spending time to discuss this subject here on your
    web page.

  2. I was excited to uncover this page. I want to to thank you for
    ones time for this particularly fantastic read!!
    I definitely savored every little bit of it and i also have you saved as
    a favorite to check out new things in your blog.

  3. Thanks for a marvelous posting! I seriously enjoyed reading it, you’re a
    great author. I will be sure to bookmark your blog and will often come back very soon. I
    want to encourage you continue your great posts,
    have a nice weekend!

  4. Hello my friend! I wish to say that this article is awesome, great written and come with almost all
    vital infos. I’d like to see extra posts like this .

  5. I was very pleased to find this web-site.I wanted to thanks for your time for this wonderful read!! I definitely enjoying every little bit of it and I have you bookmarked to check out new stuff you blog post.

Comments are closed.