HMRC gave VAT registered businesses the option to defer the VAT payments that were due between 20th of March and 30th of June. This measure was introduced as part of the government support to businesses during the early stages of COVID-19 pandemic. According to the new measure, the businesses who were due to pay the VAT in this period could postponed such payments until the 31st of March 2021 at the latest.
The VAT payment can be made any time during the period up to 31 March 2021 by ad hoc payments and overpayments ahead of the deadline if preferred. The scheme finished on the 30th of June. Thus, all businesses that cancelled their direct debits should reinstate them and start paying their VAT that results from their VAT returns in normal due times.
At the moment the payments due as a result of the VAT return preparation should be paid and received by HMRC no later than 7th of the second month following the end of the VAT filing period. Thus, if you are filing for the period 01/05/20 – 31/07/20 and should pay some output VAT, the money should reach their account by the 7th of September. To find out more visit GOV.UK.
For further details please get in touch with us.
Customer Service Team