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Updates from the Clayton & Brewill team.
Refunds for missed VAT deferral payments can now be claimed
Taxpayers who wanted to defer VAT payments due between 20 March 2020 and 30 June 2020, but did not manage to cancel their Direct Debit in time can claim a refund, HMRC has confirmed.
According to HMRC, the quickest way for a claim to be processed is if taxpayers submit a Direct Debit Indemnity Claim to their bank, stating they want to claim a refund under the Direct Debit Indemnity Scheme (DDI). While HMRC has confirmed that there is no time limit in making this request, it is likely most organisations will want to benefit from such a refund on cashflow sooner rather than later.
Due to COVID-19 restrictions, Payable Orders are not being issued and it may take up to 21 days for a refund to be received if the Direct Debit Indemnity Claim process is not used.