blog header image

Posted : 27 Mar 2020 at 16:45:41
Category: Corona Virus News

Share this article

The Chancellor announced a VAT payments deferral on 20 March to support businesses with cash flow during the COVID-19 pandemic.

This means that all businesses with a UK VAT registration have the option to defer VAT payments due between 20 March and 3‌0‌‌ June.

You therefore have until 3‌1‌‌ March 2021 to pay any VAT deferred as a result of this announcement.

You do not need to inform HMRC if you wish to defer payment. You can opt in to the deferral simply by not making VAT payments due in this period. If you pay by Direct Debit you should cancel this with your bank. You should do so in sufficient time so that HMRC does not attempt to automatically collect on receipt of their VAT return.

Should you wish, you can continue to make payments as normal during the deferral period. HMRC will also continue to pay repayment claims as normal.

You must continue to submit VAT returns as normal.

SIMILAR NEWS

blog header image
CORONA VIRUS NEWS
CLAIMS OPEN FOR SECOND SELF-EMPLOYED SUPPORT GRANT

How to claim The online service for the second and final grant is now available. Make your claim on or before 19 October 2020. You should contact HMRC if you receive any suspicious text ...

blog header image
CORONA VIRUS NEWS
CORONAVIRUS LOCKDOWN: ALL YOU NEED TO KNOW ABOUT NEW MEASURES

Prime Minister Boris Johnson has announced a series of measures to take effect from 4 July, easing the lockdown in England. Meanwhile in Scotland, the five-mile travel limit is set to be lifted from 3 ...

blog header image
CORONA VIRUS NEWS
TODAY THE CLAIM A GRANT THROUGH THE SELF-EMPLOYMENT INCOME SUPPORT SCHEME OPENS

If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) use this scheme if you're eligible to claim the grant. Contents Before you start What ...

blog header image
CORONA VIRUS NEWS
FIND CORONAVIRUS FINANCIAL SUPPORT FOR YOUR BUSINESS

The HMRC has released an updated page for businesses trying to discover what Financial help is available to them. Coronavirus (COVID-19) support is available to employers and the self-employed. You ma ...

blog header image
CORONA VIRUS NEWS
4TH UPDATE TO THE CLAIM FOR YOUR EMPLOYEES' WAGES THROUGH THE CORONAVIRUS JOB RETENTION SCHEME

Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave ('furlough') due to coronavirus (COVID-19). Contents Who can claim Employees you can claim ...

blog header image
CORONA VIRUS NEWS
DAILY CORONAVIRUS CASES FALL 10 PER CENT

Daily coronavirus cases have dropped for the first time in weeks, according to the latest figures. Stocks rallied as the number of daily coronavirus cases fell 10 per cent on Sunday compared to the pr ...

business-directory Business Directory
smartbusinessdirectory Payroll Services Business Directory
truebusinessdirectory payroll-services Directory
payroll-services Directory