HMRC is reminding businesses that the 3-month VAT payments deferment scheme ends on 30 June 2020. The COVID crisis VAT payment holiday was available between 20 March and 30 June for any due VAT liabilities.
Businesses which took-up the coronavirus crisis easement will now need to:
- Reinstate bank direct debits in time for HMRC to take payments due from 1 July onwards
- Submit VAT returns as normal and on time
- Pay the VAT in full for payments due after 30 June
- Where taxpayers have postponed any VAT during the deferral period, it must be paid by 31 March 2021.
For further advice contact us, email enquiries@cowgills.co.uk and one of the team will be in touch.
Disclaimer
The information was correct at time of publishing but may now be out of date.
