VAT Payments
The
next quarter of VAT payments will be deferred, meaning businesses will
not need to make VAT payments until the end of June 2020.
Businesses will then have until the end of the 2020-21 tax year to
settle any liabilities that have accumulated during the deferral period.
The deferral applies automatically and businesses do not need to apply for it. VAT refunds and reclaims will be paid by the government as normal.
We
would however still recommend the VAT return is completed and filed if
possible (but if you pay by DD you will need to cancel it). By still
completing the VAT return you will have a clear picture of the overall
liability. Where we are preparing the VAT return on your behalf it will
also help us to manage the workflow. We are also able to extend our
payment terms, if you need time to pay then please get in touch with Trina, Karen or Gary.
As and when we receive further information we will update you.