HMRC clarify VAT Deferrals including Payments on Account
Centurion has been commenting that the VAT deferral period, which covers VAT payments due in the period from the 20 March to 30 June 2020, would include those interim payments made by larger businesses who are on the Payments on Account regime. This is a point that has now been confirmed in HMRC’s latest guidance note
The note also confirms that any payments due in this period from businesses using the Annual Accounting Scheme will also be covered if they fall due within this Deferral period.
If cashflow is proving an issue for your business, it is clearly important to use this deferral scheme. Please do also consider whether your business can benefit from other VAT aspects which may provide cashflow assistance at this time. The Centurion VAT team is here to help you in this regard; do not hesitate to contact your usual Centurion VAT team member or use firstname.lastname@example.org as all of our technical team will see that email and thus be able to respond promptly to your enquiry.
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