HM Revenue and Customs (HMRC) has released guidance for businesses following the end of the VAT payments deferral scheme on June 30, 2020.
The guidance advises those UK VAT-registered businesses that deferred VAT payments between March 20 and June 30, 2020, that they must now:
- set-up cancelled Direct Debits in enough time for HMRC to take payment after June 30;
- continue to submit VAT returns as normal, and on time; and
- pay the VAT in full on payments due after 30 June.
Any VAT payments a taxpayer has deferred between March 20 and June 30 should be paid in full on or before March 31, 2021.
