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Mel's COVID-19 Update: 22nd June 2020

Mel’s COVID-19 Update: 22nd June 2020
21 Aug 2020
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Mel’s COVID-19 Update: 22nd June 2020

This information is regarding the deferral of VAT payments as a result of COVID-19 and is correct as of date of sending (22nd June 2020).

During COVID-19 I want to ensure that everyone is as up to date as possible with regards to Government changes and support that impacts businesses.

This is relevant for you if you are a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020. Currently, you have the option to:

  • defer the payment until a later date
  • pay the VAT due as normal

HMRC will not charge interest or penalties on any amount deferred as a result of the Chancellor’s announcement.

However, the VAT payment deferral period ends on 30 June 2020. This means it's vital that you:

  • 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 you have deferred between 20 March and 30 June should be paid in full on or before 31 March 2021. You can make additional payments with subsequent returns.

Please ensure that you contact HMRC:

  • 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
  • for advice and information on other support available

Please see more information regarding this on HMRC's website here.

If you have any questions relating to the above, please don't hesitate to get in contact.

 

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