VAT Payment Deferrals

COVID 19 News and Updates – UK | Prager Metis | Mar 25, 2020

VAT Payment Deferrals

Summary of Government Support produced by Prager Metis – Last updated 23 March 2020

What we know

VAT payments can be deferred during the period 20 March until 30 June 2020.

This is an automatic offer to all UK businesses and no application is required.

The VAT returns should be filed on time (7th April 2020).

Businesses will be given until the end of 2020/2021 tax year (i.e. to 5 April 2021) to settle outstanding VAT liabilities that have accumulated as a result of the 3-month deferral.

If you have direct debits in place to pay the VAT you should cancel the direct debit, however please make a note to re-instate it once the scheme has expired.

VAT refunds and reclaims will be paid by the Government as normal.

Who to contact

Automatic entitlement no need to contact HMRC.

Anticipated Availability

The Scheme is operative now.

Further information

Please see the Government Publication “Covid-19 Support for Business”.

Useful links

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-who-are-paying-sick-pay-to-employees

2020-03-26T11:42:18-04:00
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