UHY Ross Brooke Chartered Accountants

VAT payment holiday for businesses

VAT payment holiday

In response to the economic impact of coronavirus on business, on 20 March the Chancellor announced that there would be a VAT holiday and no business will be required to make VAT payments for the next VAT quarter. Consequently no businesses will be required to pay any VAT until the end of June at the earliest.

It must be remembered that this is merely a deferral of the VAT and any amounts owing must be paid by the end of 2020/21

Of course many businesses, particularly in these difficult trading positions may be in a repayment position and will wish to submit their VAT returns more promptly than usual.

If you need any advice or assistance please get in touch

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