News added on 24.09.2020

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VAT

VAT repayment terms extended

Due to the second wave of coronavirus, the terms for paying deferred VAT from early 2020 have been made more generous.

On 24 September 2020, Chancellor Rishi Sunak announced that businesses which had taken advantage of the VAT deferral incentive from earlier in 2020 would no longer be required to pay the deferred amount back in full by 31 March 2021. Instead, there will be an interest-free instalment option to permit payments to be spread over eleven months.

The VAT deferral scheme affected payments that were due between 20 March 2020 and 30 June 2020. Originally, the amount deferred was required to be made good to HMRC by 31 March 2021. If your business took advantage of this, consider whether you would benefit from the new instalment option.

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