Stopfords
Stopfords

Deferral of VAT Payments due to Covid-19

Date:
Category:
Latest News

If you are a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020 you have the option to:

  • Defer the payment due until a later date
  • Pay the VAT due as normal

Please note it does not cover payments to VAT MOSS or import VAT.

HMRC will NOT charge interest or penalties on any amount deferred as a result of the Chancellor’s announcement.

You will still need to submit VAT returns to HMRC on time!

HMRC will also continue to process VAT claims and refunds as normal during this time.

If you do chose to defer paying VAT as a result of COVID-19, you must pay the VAT due on or before 31 March 2021. (You do not need to tell HMRC that you are deferring your VAT payment).

Any VAT payments that are normally paid by Direct Debit, you will need to contact the bank to cancel this as soon as possible or alternatively you can cancel this online if you’re registered for online banking.

After the VAT deferral ends VAT payments due will have to be paid as normal. HMRC will release further information about how to repay the VAT if you’ve deferred as soon as possible.

If you are experiencing financial difficulties because of COVID-19 more help is available please follow the link.

Related news

Stopfords client Source Control Masks Ltd has been launched today as a trading name of Hall-Fast Industrial Supplies Limited

View article about Hall-Fast Starts New Firm and Donates to NHS with Every Sale!

HMRC have recently released a step by step guide for employers to explain the information that employers are required to provide to HMRC to make a claim through the Coronavirus Job Retention Scheme (CJRS).

View article about Coronavirus Job Retention Scheme – Step by Step Guide for Employers

What our clients say