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Covid-19: VAT payments deferred for three months

HMRC have announced that there is a deferral for VAT payments from 20 March 2020 until 30 June 2020.

All VAT registered traders are eligible.

This will generally mean the deferral of one quarter’s VAT: the payment due on 7 April, 7 May or 7 June 2020 or the monthly payments due on each of these dates. This is an automatic offer and no application is required. Businesses will not need to make a VAT payment during this period.

HMRC has confirmed that businesses will need to cancel their direct debits. Businesses that have a direct debit mandate in place to pay their VAT and wish to defer payment will need to contact their bank to cancel that mandate. This needs to be done before the direct debit is due to be collected.

Taxpayers have until the end of the 2020/21 tax year to pay any liabilities that accumulate during the deferral period. VAT refunds and reclaims will be paid by the government as normal.

Businesses will also need to remember to reinstate their direct debit mandate once the deferral is over and to make arrangements to pay the accumulated VAT by the end of the 2020/21 tax year.

Businesses should continue to file their VAT returns by the due date.

SRG LLP is a UK limited liability partnership registered in England and Wales under number OC320275 | Registered office: 28 Ely Place, London, EC1N 6AA

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Due to the Covid-19 pandemic, all of our staff and partners will be working remotely and will not be situated in either office.  Although our services to our clients should not be significantly affected, we would request that you email your contact with the firm, rather than telephone the offices. For all general enquiries, please email the London office on email@srgcas.com and the Glasgow office on email@srgcas.co.uk