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last updated on 3 June 2020 | reading time approx. 2 minutes
As part of their business support package HMRC have announced on Friday, 20 March 2020, the following measures on their web site. This is automatic and no application is required.
HMRC will support businesses by deferring Valued Added Tax (VAT) payments for 3 months. If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
For VAT, the deferral will apply from 20 March 2020 until 30 June 2020.
All UK businesses are eligible.
This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.
Coronavirus: What you need to know
Jan Eberhardt
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