Blog Post

VAT Liability Deferral Comes To An End

  • By Indicator – FL Memo Ltd
  • •
  • 13 Jul, 2020
  • •

The government deferred VAT payments between 20 March and 30 June to help during these unprecedented times. What do you need to do now?

Time to take action. The VAT payment deferral period ended on 30 June 2020. This means you’ll need to:

  • set-up cancelled direct debits as soon as possible to ensure you meet the next payment deadline
  • continue to submit VAT returns as normal, and on time
  • pay the VAT in full on payments due after 30 June

Any VAT payments that were due and have been deferred between 20 March and 30 June should be paid in full on or before 31 March 2021.

Still struggling to pay? If you are unable to pay your VAT liability contact HMRC as soon as possible to set up a payment plan. Further details on HMRC’s time to pay arrangements can be found here

Article taken from Tax Essentials for Advisors and reproduced with the permission of Indicator – FL Memo Ltd. For more information visit https://www.indicator-flm.co.uk/en/

This article is published for information only. It provides only an overview and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the above can be accepted by the author or the firm.

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