LM Insolvency
  • Home
  • About
    • About Us
    • Awards
    • Testimonials
    • COVID-19 Notice
  • SERVICES
    • Services for Individuals >
      • Advice for Individuals
      • Individual Voluntary Arrangement
      • Debt Relief Order DRO
      • Bankruptcy Advice and Services
      • Partnerships and Sole Traders
    • Services for Companies >
      • Advice for Companies
      • Debt Restructuring
      • Creditors Voluntary Liquidation CVL
      • Compulsory Liquidation
      • Members Voluntary Liquidations MVL
      • Company Voluntary Arragement
      • Administration Order
      • Agricultural Receivership
      • Receivership
  • NEWS
    • Latest News
    • Blog
    • COVID-19 Blog
    • Resources
  • CONTACT
    • Contact Us
    • Book a Free Consultation
    • For Sale Subscription
  • PORTAL
    • Registration
    • Portal Access

COVID-19 BLOG

DEFERRAL OF VAT

21/3/2020

0 Comments

 

THE HEADLINESto edit.

​THE ANNOUNCEMENT
The Chancellor announced a VAT payments deferral on 20 March 2020 to support businesses through the COVID-19 outbreak, to ease cash flow

ELIGIBILITY

KEY FACTS
Each lender will have there own criteria, but to eligible to apply your business must meet the following;
  • ​Be UK based business 
  • VAT registered
  • Does NOT cover VAT MOSS (MINI ONE STOP SHOP) payments, Import VAT and/or Duty where formal Time to Pay Arrangements will need to be agreed with HMRC instead.
Picture

WHEN

Deferral available now, from 20 March 2020 to 30 June 2020.
​


​DEFERRAL OPTIONS

If you a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the options of:
  • defer the payment until a later date, paying any vAT due on or before 31 March 2021; or
  • pay the VAT due as normal
VAT reclaims and refunds will be processed and paid as normal during this time
​


HOW TO APPLY

​YOU DO NOT NEED TO APPLY or inform HMRC that you are deferring your payment, You will however still need to submit your VAT returns to HMRC on time, as usual.

​If you normally pay by direct Debit, you should cancel this payment ASAP if you are deferring payment, just in case HMRC's systems attempt to automatically collect on receipt of the VAT return.
​

​REPAYMENT AND FEES

Picture
Deferred VAT must be paid by 31 March 2021
IMPORTANT - CAUTIONARY NOTE: This is a deferment, you will still be responsible for paying 100% of the VAT due, and should consider the impact on current and future cash flows and borrowing

​FURTHER SUPPORT WITH TAXES

Help is also available with other taxes - see our separate guidance
​


DISCLAIMERS - DUE TO THE RAPIDLY CHANGING CIRCUMSTANCES WITH COVID-19, WE ARE UTILISING INFORMATION FROM GOVERNMENT SOURCES, THESE ARE TRUSTED SITES, BUT WE CANNOT BE HELD RESPONSIBLE FOR ANY INCORRECT INFORMATION OBTAINED FROM THEM OR INFORMATION ON LINKS TO THOSE SITES. THE INFORMATION PROVIDED HERE IS GENERIC IN NATURE, AND NOT SPECIFIC TO YOUR CIRCUMSTANCES, YOU SHOULD SEEK PROFESSIONAL ADVICE BEFORE ACTING ON ANY OF THE INFORMATION CONTAINED ON THIS WEBSITE AND IN PARTICULAR IN OUR COVID-19 HUB. ​​

PLEASE CONTACT US... WE ARE HERE TO HELP
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Author

    Lucinda Matkin - Licensed Insolvency Practitioner & Chartered Accountant

    Archives

    December 2020
    November 2020
    September 2020
    April 2020
    March 2020

    Categories

    All
    Bounce Back Loans
    Budget 2020
    Business Support
    Commercial Rent
    Covid1 9 Business Interruption Loan Scheme CBILS
    Covid1-9 Business Interruption Loan Scheme CBILS
    Deferment Of Taxes
    Deferment On VAT
    Government Alert
    Government Update
    Grants
    High Street
    Hospitality
    Individual Voluntary Arrangements (IVA)
    Insolvency
    IR35
    Job Retention Scheme
    Leisure & Tourism
    Mortgages
    Off-Payroll Working
    Rate Relief
    Retail
    Schools
    Self Employed
    Supporting One Another
    Utilities

    RSS Feed

Services

For Individuals
For Companies



​Support

Contact Us

Company & LEGAL NOTICES

About Us
Privacy Policy

​​Password required for:
Terms & Conditions of Business
Provision of Services Regulation 2009
​Privacy Notices


GET IN TOUCH
Call us on
07972 928 153

lucinda@lminsolvency.co.uk
© COPYRIGHT 2015. ALL RIGHTS RESERVED.
  • Home
  • About
    • About Us
    • Awards
    • Testimonials
    • COVID-19 Notice
  • SERVICES
    • Services for Individuals >
      • Advice for Individuals
      • Individual Voluntary Arrangement
      • Debt Relief Order DRO
      • Bankruptcy Advice and Services
      • Partnerships and Sole Traders
    • Services for Companies >
      • Advice for Companies
      • Debt Restructuring
      • Creditors Voluntary Liquidation CVL
      • Compulsory Liquidation
      • Members Voluntary Liquidations MVL
      • Company Voluntary Arragement
      • Administration Order
      • Agricultural Receivership
      • Receivership
  • NEWS
    • Latest News
    • Blog
    • COVID-19 Blog
    • Resources
  • CONTACT
    • Contact Us
    • Book a Free Consultation
    • For Sale Subscription
  • PORTAL
    • Registration
    • Portal Access