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Coronavirus – VAT Payment Deferral

VAT which is payable from 22/3/20 to 30/06/20 is deferred until 31 March 2021. Set out below are a few key features of the payment deferral:

  • A claim does not have to be made in order to obtain the deferral
  • Businesses can continue to make payments if they wish.
  • VAT returns need to be submitted as usual.
  • Businesses who pay their VAT by direct debit, will need to cancel their direct debit, otherwise HMRC will continue to take payment.
  • VAT refunds will continue to be paid by HMRC.
  • Provided the deferred VAT payment is made to HMRC by the end of March 2021, no interest will be charged by HMRC.

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