Under the Government’s Business Support scheme as a result of the Covid-19 pandemic, there is a deferral scheme for VAT payments.  Clearly most farmers are recipients of VAT monies, but there may be some amongst you who regularly pay.  The scheme operates until 30^th June 2020.

If you are a payer of VAT, you will still need to submit your VAT return on time in the usual way.  You will then need to cancel your direct debit with your bank in good time, to prevent HMRC collecting the funds from your bank.  You will eventually have to pay the deferred sum, but not until the end of the 2020/21 tax year.

More information can be found at https://www.businesssupport.gov.uk/vat-deferral/  VAT reclaims and refunds will operate in the usual way.

If you have any queries or requests on this or any other related matter, please do contact your usual FCG office.