Important VAT Update – Remember to Reinstate VAT Direct Debits
Just a quick but important reminder to ensure that, should you have used the VAT Deferral scheme and deferred any VAT return payments due in the period to the 30th June, you will need to reinstate those Direct Debits for the VAT return payments that will fall due after that date.
If you or your clients are on Payments of Account and deferred due payments in the window to the 30th June do remember that the balancing payment for these affected VAT Returns will fall after the 30th June. The amount you should pay will be the actual liability less any payments on account you had deferred. Deferring payments will not create a VAT repayment position for this affected VAT return.
The updated VAT Information note from HMRC is here.
For the avoidance of doubt, the content recorded in this news article does not constitute formal advice and we do not guarantee the accuracy of any information provided at the time of reading. It is always recommended that you seek professional advice before acting on any of the news articles or information included.