Forces Recruitment Solutions

Ex-Military Recruitment Specialists

Tel: 01353 645004


News

Image for COVID-19 - Deferral Of VAT

Apr 14, 2020

COVID-19 - Deferral Of VAT


If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to defer the payment until a later date...

HMRC will not charge interest or penalties on any amount deferred as a result of the Chancellor’s announcement but you will still need to submit your VAT returns to HMRC on time as HMRC will continue to process VAT reclaims and refunds as normal during this time.

If you choose to defer your VAT payment as a result of coronavirus (COVID-19), you must pay the VAT due on or before 31 March 2021. You do not need to tell HMRC that you are deferring your VAT payment.

If you normally pay by Direct Debit you should contact your bank to cancel your Direct Debit as soon as you can, or you can cancel online if you’re registered for online banking.

VAT payments due following the end of the deferral period will have to be paid as normal. Further information about how to repay the VAT you’ve deferred will be available soon.

If you are experiencing financial difficulties more help is available from HMRC’s Time to Pay service.

Learn more about these provisions here.

 

Image: Marco Verch License: Creative Commons 2.0.

 

Read more news stories

Contact

FRS HQ

Address:

Forces Recruitment Solutions Group Ltd
Unit 1H Grovemere House
RAF Witchford Museum
Lancaster Way Business Park

Ely
CB6 3NW

FRS on Twitter


Through the Forces Recruitment Solutions Business Support Bulletin we share insights and information on the topics… https://t.co/QzHGA6AuR7

1 day ago from Hootsuite Inc.



Signup For Our Newsletter!

Get resettlement and career change advice from the experts direct to your inbox!