The Chancellor, Rishi Sunak, has suspended VAT payments for three months in a bid to help UK businesses and individuals through the coronavirus pandemic.
The VAT holiday will give business owners some welcomed breathing space as they fight to continue trading during the pandemic.
Rishi Sunak said, “to help businesses to keep people in work, I’m deferring the next quarter of VAT payments”
This will apply for the period 20 March to 30 June 2020.
Lee Sugden, Director at Horsfield & Smith, commented: “businesses who want to take advantage of the VAT holiday will need to cancel direct debits with HMRC as soon as possible, otherwise payments will continue to be processed”.
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