Bookkeeping Bites – “To pay VAT, or not to pay VAT?” That IS the question!

So way back when all of this Corona Virus took hold, Big G announced a VAT support measure to businesses…

Basically, it was don’t bother sending us any dosh, for a certain period of time, we don’t want it (well, something along those lines anyway 😂).

Well, that DEAL IS OVER PEOPLE! Take note of why:

🤓 Deferral of VAT payments applied to any payments due between 20th March and 30th June

🤓 So, any VAT payments due AFTER the 30th June, you need to cough up

🤓 In VAT quarter terms, this means if your VAT quarter ended on the 31st May, you will have until the 7th July to file your submission, with the Direct Debit payment on the 12th July

🤓 12th July = AFTER 30th June, so yep, you do need to pay!

If you DID cancel your Direct Debit to take advantage of the VAT deferral……

💥💥YOU (yes, YOU) 💥💥

💥💥Need to reinstate your Direct Debit at least three working days before the next payment is due 💥💥

If you DIDN’T cancel your Direct Debit and paid as normal, then you, folks, have NADDA to do, just carry on as normal.

Think you are going to struggle to pay your VAT? Then contact HMRC and discuss whether the ‘TIME TO PAY (TTP)’ option is available for you.

For more information on the VAT deferral scheme, use the link below:

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

Stay safe everyone 😍😍😍

 

Leave a Reply

Your email address will not be published. Required fields are marked *