Do you need to defer VAT payments?
The Government has announced that payments of VAT which are due from all businesses within the period 20/03/2020 to 30/06/2020 can be deferred.
Our understanding is that is an automatic offer, with no application required. This applies to all those who are VAT registered including individuals, and not for profit bodies.
The VAT liability will still be due to HMRC and is required to be settled in full by the end of the 2020/21 tax year (5 April 2021). VAT refunds due to businesses will still be paid as normal by HMRC, provided of course, you file your VAT returns by the relevant deadlines.
HMRC are advising that direct debits should be cancelled by 31 March 2020 and reinstated later using the online form. Please cancel the direct debit sooner, to allow for delays, and to stop HMRC trying to take the next payment.
If you are new to Revel and are keen to find out more, please call our consultant Will Bolter FCCA MAAT ATT (our designated COVID-19 response advisor) on 07379 451484 or contact us by email here.