The financial support offered by the Government through the VAT payment deferral scheme has officially come to an end.
This period, which was intended to support businesses struggling with the impact of COVID-19, ended on 30 June 2020.
You must now pay any VAT due after this date on time as HM Revenue & Customs (HMRC) may apply surcharges.
You should also ensure that you have the funds necessary to pay any VAT payments that have been deferred between 20 March and 30 June, as they will need to be paid in full by 31 March 2021.
If you are concerned that you may not be able to pay your VAT bill on time you should contact HMRC and ask for a time to pay arrangement. If you fail to do this and do not make a payment on time you may be penalised.
For help and advice, contact our expert team today.