VAT payments deferment scheme has ended
1st July 2020 General, Tax CHW Accounting
HMRC is reminding businesses that the 3-month VAT payments deferment scheme ended on 30 June 2020. The COVID crisis VAT payment holiday was available between 20 March and 30 June for any due VAT liabilities.
Businesses which took-up the coronavirus crisis easement will now need to:
- Reinstate bank direct debits in time for HMRC to take payments due from 1 July onwards
- Submit VAT returns as normal and on time
- Pay the VAT in full for payments due after 30 June
- Where taxpayers have postponed any VAT during the deferral period, it must be paid by 31 March 2021.
For further advice please email firstname.lastname@example.org and a member 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.