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Tips on improving the VAT position of businesses

12 May 2020 / Neil Warren
Issue: 4743 / Categories: Comment & Analysis
20441
Cash is king

The Covid-19 pandemic has already had a massive impact on the economy and public purse. Prudent business owners will want to ensure that all parts of their operations are running on full power when normal service is resumed including their VAT affairs.

Payment deferment period

As previously reported in Taxation a business does not need to pay any VAT that is due between 20 March and 30 June 2020. This holiday period applies to all VAT payments due between these dates but will mainly apply to VAT returns for periods ending 28 February 31 March and 30 April which are payable by 7 April 7 May and 7 June respectively.

A business does not need to apply for the deferment scheme because HMRC will assume that non-payment means it is being used. The VAT deferred must be paid by 31...

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