The Chancellor announced a temporary deferral of VAT payments for all UK businesses on 20 March 2020 and this ended on 30 June 2020. This means you’ll need to:
- set-up cancelled direct debits in enough time for HMRC to take payment
- submit VAT returns as normal, and on time
- pay the VAT in full on payments due after 30 June
VAT payments you have deferred before this date and up to 30th June, should be paid in full on or before 31st March 2021. You can make additional payments with subsequent returns.
For most businesses, cashflow patterns have still not recovered and paying VAT in July may stretch available funds, possibly to the detriment of key suppliers.
We have access to Lenders who will fund the payment of your July VAT with a Loan repayable over three months; giving your cash flow the chance to recover or, if necessary, do the same next quarter.
Read the full Government guidance by following this link:
Get in touch to discuss the funding available and speak to one of our consultants:
David Griffiths – Email: Click Here 07850 188 046
David Marshall – Email: Click Here 07764 512 840
Sarah Woolf – Email: Click Here 07971 349 126