As part of the relief program for businesses affected by the Coronavirus (COVID-19) pandemic, the government announced a VAT payments deferral on 20 March to support businesses with cash flow during the lock-down.
As a result all businesses registered for UK VAT have the option to defer any VAT payments due between 20 March and 30 June.
The deadline for paying any deferred VAT under this relief measure will be 31 March 2021.
You do not need to inform HMRC if you wish to defer payment. You can opt in to the deferral simply by not making those VAT payments due in this period, but you will still need to file VAT returns normally
If you pay by Direct Debit you should cancel this with your bank. You should do so in sufficient time so that HMRC does not attempt to automatically collect on receipt of your VAT return. Do not forget to restart the Direct Debit after the deferment period.
Should you wish, you can continue to make payments as normal during the deferral period by leaving any direct debits in place.
HMRC will also continue to pay repayment claims as normal.
SRC-Time will complete your VAT as normal please continue to provide us with your bookkeeping and VAT information. You can contact us on 01273 326 556 or speak with your account manager. Alternatively you can always email info@src-time.co.uk.
SRC-Time Ltd
2nd Floor
Stanford Gate
South Road
Brighton
BN1 6SB
T: +44 (0) 1273 326 556
F: +44 (0) 1273 733 827
E: info@src-time.co.uk
