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CORONAVIRUS: VAT Deferral Update

HMRC have clarified that the following payments can be deferred:

• quarterly and monthly VAT returns’ payments for the periods ending in February, March and April
• payments on account due between 20 March 2020 and 30 June 2020
• annual accounting advance payments due between 20 March 2020 and 30 June 2020

In addition, future repayments will not be offset against deferred VAT although they will be offset against existing debts.

If a payment on account due between 20 March and 30 June is deferred but the balancing payment is outside of these dates, the amount that must be paid is the balancing payment less any deferred payments. Deferring payments will not create a repayment.

Thursday, 30th April, 2020