COVID-19: What you Need To Do If You Want to Defer Your VAT Payment
If you are a business who is due to make a VAT payment between 20th March 2020 and 30 June 2020 you can choose to defer this payment.
Be aware if you currently make your payments by Direct Debit then you will need to take action if you want to defer your payment
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Deferral of VAT Payments DueHMRC have announced they will support businesses by deferring Valued Added Tax (VAT) payments for 3 months. |
This is not an automatic deferral: you can still choose to pay your VAT as normal if you wish. Even if you chose to defer your payment you must still submit your VAT return on time
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Deferring VAT PaymentYou do not need to contact HMRC to tell them you are deferring. |
IMPORTANT: If you normally pay your VAT by Direct Debit you should contact your bank to cancel your Direct Debit as soon as you can, or you can cancel online if you’re registered for online banking. Please do this as soon as possible to make sure the bank can process the cancellation in time If you pay your VAT by manual bank transfer you can just not make the payment on the due date. |
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What happens at the end of the deferral periodVAT payments due following the end of the deferral period will have to be paid as normal |
For any VAT that you have chosen to defer further information about how to repay the VAT you’ve deferred will be available soon.
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For more information or guidance on deferring VAT payment, get in touch here.
