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VAT deferred payments period has ended!

VAT deferred payments period has ended!

In order to alleviate cashflow during the COVID19 pandemic, HMRC allowed for a deferral of VAT payments due within the period 20th March 2020 and 30th June 2020.

Although returns were still required to be submitted, payments on these returns were only to become due by 31st March 2021.

When do I need to pay my deferred VAT?

If you chose to defer your VAT payment within the period 20th March 2020 and 30th June 2020,  payments towards the deferred VAT can be made anytime between their initial due date and the 31st March 2021, so long as these payments are made in full prior to the deferral deadline of 31st March 2021.

VAT due after 30th June 2020 must be paid on time!

The deferral scheme ended promptly on the 30th June 2020; all VAT payments due on returns thereafter will need to be made to HMRC as per usual – one month and seven days after the return period end (If your VAT period ended June 2020, your payment would be due and need to reach HMRC by 7th August 2020).

Should you require any assistance with preparation and submission of your VAT returns or signing up for MTD, please do contact our offices.

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

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