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MikeBest Accountancy Ltd is authorised and regulated by the Association of Chartered Certified Accountants (ACCA).

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Wednesday, 05 August 2020 14:32

The end of VAT deferment – Don’t get caught out!

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Quick reminder to clear up any confusion. The deferral of the VAT payments "between 20th March and 30th June 2020" relates to the dates that the payment is due, not the quarter end of the VAT Return to which it relates. This scheme isn't being extended beyond the end of this month as far as is known at the moment and future VAT payments will have to be made in full, on time.

This relates to payments up to quarter ended 30th April, although your quarter end may be 31st May, you may understandably think that it can be deferred (being between the dates above) however your payment is due by 7th July, which is after the scheme ends.

You'll therefore need to reinstate any cancelled direct debits to HMRC at least three days before to ensure that this can be done and avoid any potential interest and penalties.

If you’re struggling, you always have the option of arranging something like time to pay with HMRC, but it needs to be done directly with them, and is no longer automatic.

Read 130 times Last modified on Thursday, 13 August 2020 10:37

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