X

Contact Kirk Rice

Kindly complete the form below to send an enquiry. Your message will be sent to one of our Accountants or Financial Planners who will respond to you within 24 hours.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service
X

Request Appointment

Please complete this form to request an initial appointment at our cost.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service
X

COVID-19 Information Hub

Coronavirus – Support For Businesses Through Deferring VAT

On 20 March 2020, the Chancellor announced a package of support for businesses affected by the Coronavirus (COVID-19) crisis, including a VAT payment deferral scheme. Please read on for a summary of advice issued by the government and our own supplementary commentary, analysis and guidance.

Updated 25/03/20

Government guidance:

HMRC will support businesses by deferring Valued Added Tax (VAT) payments for three months.

For VAT, the deferral will apply from 20 March 2020 until 30 June 2020.

Eligibility

All UK businesses are eligible.

How to access the scheme

This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.

Customers who normally pay by direct debit should cancel their direct debit with their bank if they are unable to pay. Please do so in sufficient time so that HMRC does not attempt to automatically collect on receipt of your VAT return.

Kirk Rice commentary:

As stated by the government this is a deferral scheme which is designed to support the cash flow of a business during the crises. The VAT will eventually have to be paid and will be due by 5 April 2021.

It is important to note that this is a VAT payment deferral scheme and businesses are still required to file their VAT returns in the normal way.

We’ll be updating this page for the answers as and when they become available, so please, do check back regularly for further information.

Got a question? Ask us using the form below.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service