Support for businesses through deferring VAT payments
The government will support businesses by deferring VAT payments for 3 months. Here are some FAQs on this topic:
Q: What period is it for?
A: It is a deferment of any VAT payment in the period 20 March to 30 June 2020. Businesses will still need to pay this VAT liability, but you have until the end of the 2020/21 tax year to make payment.
Q: How do I defer a VAT payment?
A: It is an automatic offer and no application is required.
Q: I pay the VAT liability by direct debit do I need to cancel this?
A: We have received clarification from HMRC that businesses will need to cancel the direct debit otherwise there remains a risk that the payment will be collected on its due date.