COVID-19: Missed VAT Deferral – Opportunity to claim refund
8th June 2020In March 2020 HMRC announced that businesses had the option to defer VAT payments falling due between 20 March 2020 and 30 June 2020 until 31 March 2021. An important step in taking advantage of this easement is to cancel your Direct Debit. Where you have failed to do this and your VAT payment has been collected as normal, it is possible to claim a refund.
HMRC’s guidance on refunds states that the quickest way to do this is to submit a Direct Debit Indemnity Claim to your bank, ensuring that you state that you wish to claim a refund under the Direct Debit Indemnity Scheme (DDI). There is no time limit to making the request.
Alternatively you can request a repayment from HMRC, however it may take up to 21 days for the refund to be issued.
At Whiting & Partners we are doing everything we can to help ease the burden you and your business are under during these worrying and uncertain times. If you would like to speak to someone about the deferral of VAT payments please reach out to your usual Whiting & Partners contact.
Disclaimer - All information in this post was correct at time of writing.
