On Friday 20th, the Chancellor announced that if you have a VAT payment due between 20th March and 30th June, you have the option to defer the payment until a later date. The payment must be made before 31 March 2021.
VAT refunds and reclaims will be paid by HMRC as normal.
There will be no interest charged on any deferred VAT payment, and you do not need to inform HMRC if you are deferring a payment during this time.
HMRC are currently advising to cancel the Direct Debit you may have in place for your VAT, to avoid HMRC automatically taking payment.
We are still waiting for further guidance on this and will have more information on this soon. For any questions in relation to your VAT, please contact Jake.