Businesses reminded about deferring VAT return payments if needed

(2 minutes to read)

The deferral is one of the measures introduced by the Government to help businesses manage during the Covid-19 crisis.

The CIOT are reminding businesses that wish to defer VAT return payments, to ensure they cancel their direct debit in good time for VAT returns that are due on Thursday 7th May.

The government announced on 20th March 2020 that taxpayers could defer VAT return payments arising in the period up to 30th June 2020, only having to pay those deferred amounts by 31st March 2021.

The next due date for monthly and quarterly VAT returns is 7th May 2020, and so businesses wishing to take advantage of the deferral should cancel any direct debits as soon as possible, and ideally five working days before the filing date of the return.

If businesses do not cancel the direct debit, HMRC will collect any VAT due as usual. The VAT deferral easement also includes interim and balancing payments for the payments on account scheme and VAT payments for annual accounting where these payments would normally be due in the period from 20th March to 30th June 2020.

Thinking of appointing Dolan Accountancy?

Give us a call on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

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John Cullinane, Tax Policy Director at the CIOT, commented, “Hundreds of thousands of businesses will be getting their Coronavirus Job Retention Scheme grants this week – but they should not forget about the other government help which can assist cash flow in a time when financial pressures are high.”

For those businesses that require additional financial assistance, HMRC has enhanced its ‘Time to Pay’ system and has opened a dedicated helpline for those experiencing financial distress as a result of the Covid-19 measures and find themselves unable to pay their tax on time or have other existing tax liabilities: 0800 024 1222.

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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