VAT Payments deferred for three months
HMRC have just announced that for any Return falling within the window 20 March to 30 June, payment can be deferred until the year-end.
The details are brief but it indicates
Any sums due to HMRC for returns between March 2020 to June 2020 are deferred until the year-end. Exact timing of this payment is yet to be detailed
Sums due for Returns falling after June 2020 will need to be paid as normal, unless the scheme is extended
There is also debate in the industry about Direct Debits. Our advice is to cancel these and transfer any sums available to deposits
- If you can at least submit the VAT Return – then do so
- If you are a Repayment Trader it definitely makes sense to submit the Return, as HMRC are intending to make payments to Traders as normal
- If you can ring-fence any Output VAT – then do so, it is only a deferment and will still need to be paid
- All VAT Registered traders are eligible
- There is no need to apply, as inclusion is automatic
Berthold Bauer Services
We have a fully secure remote access system with no need for client data to be downloaded from our systems onto external drives – all data remains on our firewall protected servers.
Our Team will be available as normal from 9am to 5.30pm to answer any VAT queries/questions you may have, and all things considered, we are expecting no noticeable impact to the services we deliver.
All members of staff remain available on mobiles and email, which can be found on the footers of their last recent emails to you.
Telephone conferences and written work will be dealt with as before. As to be expected, all face-to-face meetings are currently postponed and wherever possible, can be arranged by Skype.
We are however expecting an inevitable delay in VAT Registrations, refunds and rebates due to COVID-19 affecting HMRC staff. That said, do not leave any crucial claims to the last minute, as whilst we are sure there will be concessions, it is best to submit promptly and maintain Compliance and accuracy. Should you have any concerns please do not hesitate to contact us.