Under Covid-19 support measures introduced by Government in March, businesses were able to automatically defer their VAT payments falling due up to 30 June 2020 and many businesses took advantage of these measures. However, as we now come to the end of June, no additional support measures have been announced by Government. Therefore, businesses should consider any changes required to ensure their VAT compliance requirements are met. In particular:
- Businesses who cancelled their VAT Direct Debits may wish to reinstate these, so that future VAT payments are made on time.
- If a payment falling due post 30 June cannot be made, businesses should consider setting up a Time to Pay arrangement with HMRC.
- Any VAT deferred from 30 June or before must be paid by 31 March 2021, and we encourage businesses to put in place a plan to do so.
If you have any questions, or would like us to support your business in setting a Time to Pay arrangement, please get in touch.
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Brian Gooch
I work extensively in the corporate owner managed business sector, covering transactional taxes, property taxes including Stamp Duty Land Tax and VAT, and all areas of business tax planning. I have considerable experience in maximising tax efficiency by reviewing business structures and planning corporate reorganisations.
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