Further to our blog of 11 June, we would like to remind businesses that the VAT deferral period ends on 30 June 2020.
Due to the effects of coronavirus, HMRC have made temporary changes to VAT payments due between 20 March and 30 June 2020 to assist businesses with their cash flow.
UK businesses that are VAT registered and have a VAT payment due between 20 March 2020 and 30 June 2020 now have the option to either:
- defer the payment until a later date or,
pay the VAT due as normal
Actions that businesses need to take:
- set-up cancelled direct debits in enough time for HMRC to take payment
- submit VAT returns as normal, and on time
- pay the VAT in full on payments due after 30 June
Any VAT payments deferred between 20 March and 30 June should be paid in full on or before 31 March 2021. Additional payments can be made with subsequent returns.
HMRC advises that they should be contacted if:
- you are unable to pay the VAT due and may need time to pay as soon as possible and before the payment is due or,
- for advice and information on other support available
Torgersens’ business support helpline
Our helpline is available to support local business owners who have queries relating to VAT, accounting, tax or how to access support during the COVID-19 crisis.
The helpline is a free, email-based service and can accessed by emailing to enquiries@torgersens.com with the following information:
Your name
Your company name
Your telephone number
Brief details of your query
We will aim to email or call you within 24 hours of your email reaching us, between Monday and Friday.
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