THAT VAT BILL FROM LAST YEAR
Just to clarify ….
It’s not called ‘The Third VAT’ (suggesting there’s a first and second VAT)
Or ‘The furred VAT’ (like an animal)
It’s ‘Deferred VAT’, the VAT payment that was put off this time last year by the kind permission of Rishi Sunak.
A year later it’s decision time about paying. If you are paying in full it needs to be by March 31.
If you can’t pay it in full, Rishi’s generosity is even more extravagant.
He will let you pay it off over as much as 11 months, depending on when you apply for instalments.
To pay monthly you have to ask by June 21.
Any other requests for time to pay, you need to agree with HMRC by June 30.
As for all other VAT, it’s the usual rules.
You can be late once for free, then have to be on time for a year or there’s a ‘surcharge’ (unless your annual turnover is less than £150K, then you get two free goes).
And that’s all the exciting VAT news….
Are you going to pay your VAT in instalments?
Did you realise that VAT is this thrilling?
Can you spell VAT?
Here’s the ‘ Third VAT ‘ party …. where you drink gin out of a watering can in a shed