Can you meet your VAT payments?
9th July 2020 
Business advice, Tax 
CHW Accounting
UK VAT registered business have been able to delay the payment of VAT return liabilities which fell due between 20 March and 30 June 2020.
VAT returns had to be submitted as usual but the payments can be delayed to on or before 30 March 2021.
Paying VAT liabilities
The deferment scheme has now ended so, now, not only will businesses be required to meet their VAT payments as they fall due, they will also need to make plans as to how they will pay any deferred amounts by 30 March 2021.
If you think your business is going to struggle to make VAT payments, it might be possible to agree a time to pay (TTP) arrangement with HMRC. These arrangements should be applied for as soon as a business recognise a problem. HMRC will want to see evidence that your business has been unable to raise funds elsewhere and realistic proposals about how the business will meet the proposed repayments under the TTP.
HMRC are more likely be understanding if you approach them with a well presented case and we can help you negotiate TTP agreements.
If you are concerned about your ability to meet your VAT payments, whether the amounts due for post 1 July 2020 return or amounts deferred, email us at hello@chw-accounting.co.uk and one of the team will be in touch.
This article is for general guidance only. It provides an outline, and may not include points which are important to your situation. You should not depend on this blog without taking advice based on the full facts of your case. The information given was correct at the time of publication.
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