Log in

Coronavirus: New advice on VAT deferment

26-Mar-2020 3:35 PM | Anonymous

The government has automatically deferred the payment of VAT to HMRC between 20 March 2020 and 30 June 2020 until April 2021. All UK businesses are eligible, and no applications are required.

Textile Scotland and UKFT associate member TC Group has advised it expects HMRC will continue to expect businesses to submit VAT returns, although payment is not required. There is no mention so far about direct debit payments. The information available at the time of writing suggests that the payment runs are automatic and, therefore, may be problematic.

TC Group advises companies to cancel direct debits for VAT with their bank to make sure no payment is taken.

Textile Scotland members with any questions, please contact jaki@textilescotland.com 

Copyright UK Fashion & Textile Scotland Limited © 2019. Registered office: c/o Wright, Johnston & Mackenzie LLP, 12-13 St Andrew Square, Edinburgh, EH2 2AF. Registration Number: SC616858