Stop Your VAT Direct Debit Payment NOW If You Want To Defer Your Next VAT Payment

As previously advised, the Government’s support package for businesses includes the deferral of VAT payments in the period from 20 March 2020 until 30 June 2020.

The deferral is automatic. You don’t need to contact HMRC but you do need to cancel your direct debit with your bank if you are unable to make payment.  You must do this in enough time so that HMRC do not automatically collect payment.

You will then have until 31 March 2021 to make any VAT payment not made during the deferral period.

We would remind you that you must continue to submit your VAT returns in the normal way during the deferral period.

Photo by Rachael Corsano on Unsplash

The information in this blog provides only an overview of HMRC guidance and legislation in force at the date of publication and no action should be taken without consulting the detailed HMRC guidance and legislation or seeking professional advice.  Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this blog can be accepted by the firm.