VAT Payments Deferred as a Result of COVID-19
As a member of the Association of Business Recovery Professionals, R3 and Trinity's Business and Property group with a busy insolvency practice, barrister Richard Stubbs highlight's the HMRC's lifeline to businesses during the Coronavirus pandemic.
The HMRC's guidance confirms that all those with upcoming VAT payments do not need to make them at the present time and need not do anything to inform HMRC that they are taking up the VAT deferral option. The non-payment will be treated as notification in itself.
It will be important however for all those entities that do seek to benefit from the VAT deferral to make sure that they have funds in place by 31st March 2021 in order to make the payments, otherwise they can expect to potentially face enforcement action and fines from HMRC.
For access to the full HMRC VAT guidance please click here.