Our Senior Training Consultant, Tracy Vincent has put together some guidance on the temporary deferral of VAT payments to assist clients given the current circumstances.
- UK VAT registered business have the option to defer any VAT payments that are due between 20th March 2020 and 30th June 2020.
- VAT returns must still be submitted in the usual way.
- You do not need to tell HMRC that you are deferring your VAT payment but if you pay by Direct Debit you should cancel your Direct Debit with your Bank.
- HMRC will continue to process VAT Reclaims and Refunds as normal during this time.
- HMRC will not charge interest or penalties on any amount deferred as a result of the Chancellor’s announcement.
- VAT payments due after the deferral payments will have to be paid as normal.
- Deferred VAT payments will be due on or before 31st March 2021.
If you have any further questions, please do not hesitate to give us a call and we will do our best to help you! Please however remember, your best course of action may be to contact HM Revenue and Customs for more detailed guidance on HMRC deferral of VAT payments. Or view information on the HMRC website here: here.
For more information on the steps we have taken to support our customers through the COVID-19 pandemic, please view our recent press release.
