Paying Your VAT Bills After A COVID-19 Delay
What you need to do now ...
POSTED BY ALISON MEAD ON 29/06/2020 @ 8:00AM
Due to COVID-19, HMRC allowed businesses to delay paying your VAT which was due between the 20th of March 2020 and the 30th of June 2020. However, now we are reaching July, it is time to think about how you will pay your next VAT return ...
If you delayed paying your VAT, now is the time to reinstate your Direct Debit!
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If you cancelled your Direct Debit and you are in a position of now paying your VAT bill on time then now is the time to reinstate your Direct Debit before submitting your next return. HMRC should not take the money, if you didn't pay at the time, for your previous return.
"You can log in and pay this any time when you can afford to between now and 31st March 2021!"
So my advice is to log in to your HMRC VAT account and reinstate your direct debit as soon as possible so you don't forget to pay it and end up with fines for late payment. If you forget, you can always do a direct payment to HMRC with your VAT number as the reference, but a Direct Debit gives you an extra few days to pay and gives peace of mind.
If you are still struggling due to COVID-19 though you can, though your HMRC VAT account, get a link to the HMRC payment support services and speak to them directly. They may be able to grant you extra time as paying your VAT late is better than not paying it at all.
Until next time ...
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about paying your VAT, do give me a call on 01604 420057, leave a comment below or use the Messenger tool you can see in the bottom right of your screen to chat right now.
About Alison Mead ...
Alison loves bookkeeping. She has been helping clients to be better bookkeepers in Sage 50 for over 22 years and has more recently added Xero Accreditation to her list of skills.
She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.
Alison combines her role at Silicon Bullet with running two network marketing businesses and is also a Regional Leader for 4Networking as she likes to keep busy.
You know what they say, if you want something done well ask a busy person!
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