One of the key areas of support that the government is providing for businesses through the Coronavirus Job Retention Scheme (CBRS) is the ability for VAT registered companies to defer their VAT payment during this period. I have pulled together some advice below.
If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to:
Please remember, this does not cover payments for VAT MOSS or import VAT.
HMRC will not charge interest or penalties on any amount deferred as a result of the Chancellor’s announcement.
Here are some things that you should remember:
M.A.D. Accountants are based in West Bridgford, Nottingham, and are specialists in tax and accountancy assistance for businesses and individuals. We're here to make a difference to your business and your life with no-nonsense, jargon-free advice and help.
Accredited & Experienced