Will there be a second VAT deferment?

Bibbitybobbitybop

I am due to pay my next lot of VAT by 7/7. My previous payment was deferred in line with the govt measures. July tax due 31/7 has been deferred. It would be odd, would it not, to not announce a second round of VAT deferment in the circumstances? 

Jeremy535897

Maybe something will be said on 12 June.

Sibbers123

Unfortunately I doubt it. Remember VAT is a sales tax, and if you have a VAT bill to pay, then you have income. If you had no sales due to Coronavirus, then you wouldn’t have VAT to pay anyway.

Bibbitybobbitybop

But... this quarter includes March - mainly unaffected by any lockdown. April, May very low income and have had to use VAT set aside to pay bills as a result.

Here's hoping anyway!

Bibbitybobbitybop

The previously deferred VAT quarter was entirely unaffected by lockdown remember.

[Deleted User]

I do not think there will be any further VAT different, it was meant as a short term solution, now that CBIL and BBLS is up and running companies short of cashflow can use those to fund their VAT bill if they do not have the retained cash within the business. I know that is just changing one form of debt to the government for another, but it would be much cleaner to keep VAT returns and payments running regularly and have the companies owe the money through the loans than being behind on VAT payments. 

jimkelly

You don't have to pay the deferred amount until 31 March 2021, so why are you paying it on 7 July 2020?

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

Bibbitybobbitybop

jimkelly said:

You don't have to pay the deferred amount until 31 March 2021, so why are you paying it on 7 July 2020?

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

This is the NEXT quarter... my previous VAT due 7/4 was deferred. 

Bibbitybobbitybop

The VAT deferred was for sums due up to JUNE.

Bibbitybobbitybop

Sorry for multiple posts but that link says:

VAT payments you can defer

You can only defer:

• quarterly and monthly VAT returns’ payments for the periods ending in February, March and April

This is for VAT period ending MAY.

jimkelly

I see, in that case then you can look at the Time to Pay scheme - https://www.gov.uk/difficulties-paying-hmrc