We’re living in unprecedented times, with the Coronavirus crisis causing uncertainty for business owners and employees alike. Our offices may be temporarily closed, but we are still here to provide advice and support to our clients where possible, answering the questions you need to know.

 

Q: Do I still have to pay my VAT payment?

 

A:

 

The Chancellor has set out a number of packages and schemes aimed at helping businesses through this tough time – one of which includes the deferral of Value Added Tax (VAT) payments.

 

If you’re a UK VAT registered business and have a payment due between 20 March 2020 and 30 June 2020, you have the option to defer the payment until a later date and not face any interest or penalties from HMRC.

 

You don’t have to tell HMRC you plan to defer, but the payment must be made on or before 31 March 2021.

 

Alternatively, if you’re in a position to do so, you can pay your VAT as usual.

 

For more information on deferral of VAT, visit https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19.