COVID-19 VAT DEFERRAL
24 Mar 2020
Published in: Black Country Chamber of Commerce News
Businesses can defer Valued Added Tax (VAT) payments for 3 months.
What is it?
The Government is to support businesses by deferring Valued Added Tax (VAT) payments for 3 months.
Which businesses are eligible?
All VAT-registered UK businesses are eligible.
How is the scheme accessed?
This is an automatic offer with no applications required.
UK Registered businesses will not need to make VAT payments normally due with VAT returns during this period.
Taxpayers will be given until the end of the 2020-21 tax year to pay any liabilities that have accumulated during the deferral period.
VAT refunds and reclaims will be paid by the government as normal.
Customers who normally pay by direct debit are advised to cancel their direct debit with their bank if they are unable to pay and do this in sufficient time so that HMRC do not attempt to automatically collect on receipt of your VAT return.
When can the scheme be accessed?
The deferral will apply from 20 March 2020 until 30 June 2020.
More information can be found here.
The Chamber will continue to monitor these developments and provide indepth analysis as we learn more. Businesses can contact the Chamber's support line on 01902 912 322.
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