HMRC have announced that there will be changes to VAT payments to help businesses cope during the Coronavirus (COVID-19) outbreak.
If your VAT payment is due between 20th March 2020 and 30th June 2020 you have the option to defer the payment to a later date. But you can still pay the VAT as normal if you wish.
There are a few exclusions to this which can been found on the HMRC website.
According to HMRC:
“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.”
https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
However if you normally pay by direct debit then this will need to be cancelled should you wish to defer VAT payments.
To see further details and check your eligibility check the GOV.UK website.
If you would like any help regarding this please
Please note: This article is intended to be an explanation of general principles and is not directed as advice for your particular situation. Please always check with qualified professionals regarding your business.
