How to defer vat payments due to covid-19

[Steve Bullman]

In case anyone missed the email from hmrc, vat won’t be deferred by default. To take advantage of it you simply need to submit your vat return as normal but cancel your direct debit.

 

 

[swinny]

What if you don't pay by direct debit? Just pay it off in a onner

[Steve Bullman]

I guess so

[skyhuck]

33 minutes ago, swinny said:

What if you don't pay by direct debit? Just pay it off in a onner

What do you mean?

 

I submit my return the end of the month following the end of the quarter, they then take the moneys due IN FULL by direct debit.

[Al Cormack]

What if you don't pay by direct debit? Just pay it off in a onner

How do you normally pay it? Just don’t when the time comes. You’ll have until the 2020/21 tax year to pay it.

[Al Cormack]

What do you mean?
 
I submit my return the end of the month following the end of the quarter, they then take the moneys due IN FULL by direct debit.

Same here Huck.

[monkeybusiness]

It’s only deferred remember guys - by all means keep the money to one side and use it for survival if you have to but remember that it will be due along with the next lump (hopefully we will have made some money in order to generate more vat by then!!!) at the end of your next quarter. 

[swinny]

40 minutes ago, monkeybusiness said:

It’s only deferred remember guys - by all means keep the money to one side and use it for survival if you have to but remember that it will be due along with the next lump (hopefully we will have made some money in order to generate more vat by then!!!) at the end of your next quarter. 

Exactly... Some folk will spend it then shit themselves when it's due. I'd rather just get it paid and it's done then.

[skyhuck]

10 hours ago, swinny said:

Exactly... Some folk will spend it then shit themselves when it's due. I'd rather just get it paid and it's done then.

No one is stopping you?

[Steve Bullman]

11 hours ago, monkeybusiness said:

It’s only deferred remember guys - by all means keep the money to one side and use it for survival if you have to but remember that it will be due along with the next lump (hopefully we will have made some money in order to generate more vat by then!!!) at the end of your next quarter. 

That’s not correct at all, read the letter