Articles
Details on the VAT deferral scheme for business affected by COVID-19
As one of the measures to help businesses affected by Coronavirus COVID-19 the Government has announced that VAT payments that would normally be due with VAT returns at the current time can be deferred.
Currently the deferral applies from 20 March until 30 June 2020. VAT payments due in this period do not need to be made and taxpayers will be given until the end of the 2020-21 tax year to make payment of any deferred liabilities.
This is an automatic offer and you do not need to apply to HMRC to be eligible. You simply don’t make any payments you want to defer.
VAT returns should still be filed.
VAT refunds due from HMRC will continue to be made as usual.
It’s important to note that if your business normally pays by direct debit then you should cancel the instruction with your bank and should do so in sufficient time to prevent HMRC from automatically collecting payment.
If you have any questions on this topic please please contact us.
More & Other Musings
View all related contentArticles8 Mar 2023
It wasn’t that long ago that HMRC was paying particular attention to businesses understating large cash sales. Now, the decline of cash, especially since Covid-19, has led to a proliferation of software used to suppress electronic sales records. An electronic... Read more
Articles3 Mar 2023
The 73rd Berlin Film Festival has been and gone, but I suspect many are still recovering from punishing schedules packing 3 months’ worth of meetings and screenings into a few days. The buzz and energy in Berlin felt very much... Read more
Articles26 Oct 2022
We are seeing businesses starting to use Metaverse platforms to promote their brands
Articles26 Aug 2022
Frankly, it’s too early to tell