VAT Payment Deferrals

HMRC have announced that VAT payments due between 20 March 2020 and 30 June 2020 will automatically be deferred to help businesses.

  • This therefore includes the VAT Return payments due for the periods ended 29 February, 31 March and 30 April 2020 and any VAT Payments on Account due in that period.
  • VAT returns should be prepared and submitted as normal by the due date.
  • This will be applied automatically, there is no need to call HMRC to apply for the deferral.
  • Tax payers will be given until 5 April 2021 to pay any VAT liabilities that have accumulated during the deferral period.
  • If you are due a refund on your VAT return, HMRC will process these refunds as normal.

Where you pay by Direct Debit – If you have a direct debit set up to take VAT payments automatically, you will need to cancel this to make sure that the payment is not made to HMRC as soon as possible. 

 

 

Published by

Wood & Associates LLP

Hove Accountants Enquiries@woodandassociates.co.uk 01273 724537