24 April

DEFERRING VAT PAYMENT

            DEFERRING VAT PAYMENT

The VAT deadline date of 7 May fast approaching, we wanted to send a reminder of the process for those who wish to utilize the VAT payment deferral announced by the Chancellor in March 2020. There's no need to apply for a deferral BUT:

You are still required to file a return through the normal route, including MTD if applicable.

Direct Debit payers will need to cancel their direct debit with their banks. If they don’t HMRC will request payment. There is no automatic deferral of Direct Debit payment.

If you choose to defer your VAT payment for Q.E March 2020, you must pay the VAT due on or before 31 March 2021.

The GOV.UK guidance is here:

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

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