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Coronavirus Guidance 18th June 2020
HMRC have reminded us all that the VAT payment deferral period ends on 30 June 2020.
The link is noted below.
Accordingly, you should take steps to set-up canceled direct debits in enough time for HMRC to take payment for VAT payments due after this date.
This does not mean to say that all VAT is payable on the due dates.
Taxpayers are able to call HMRC and arrange to defer VAT payment in specific circumstances by adopting a time to payment agreement.
HMRC state that any VAT payments you have deferred between 20 March and 30 June should be paid in full on or before 31 March 2021, suggesting that you can make additional payments with subsequent returns.
For those taxpayers who have not accessed CBIL funds this might be something to consider for if your CBIL application is successful, then you could settle the VAT on 31 March 2021 and repay the CBIL over 12 months to March 2022 in order to spread out the cost even further.
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