The VAT holiday ends – next steps

As we ease slowly out of lockdown, government initiatives announced during this time to help businesses are starting to come to an end.

The VAT holiday ended on 30 June. That means businesses have until 31 March 2021 to pay their deferred VAT bill (from 20 March – 30 June). You can make payments towards the deferred VAT amount at any time before 31 March.

If you did defer you would have cancelled your Direct Debit to HMRC in which case, you will need to set up a new Direct Debit. Payments from 30 June must now be paid in full and VAT returns filed.

If you have concerns about payments, then speak with HMRC as soon as you can.

Outsourcing accounting services

We know this has been an incredibly challenging time for businesses. What’s key is getting prepared for paying your deferred VAT next year.

If you now have less resource in-house, an accountancy firm’s outsourcing services may be something to consider to help navigate your business through. It may be that you benefit from outsourcing functions such as VAT, bookkeeping or payroll to an accounting firm as you will work with a team of accountants. As such, you will benefit from years of expertise.

Accountants provide an advisory service where we closely monitor your financial forecast and review where necessary should unexpected events occur. We’ll be able to look at the road ahead for your business based on your accounts and work out the best strategy for your business accounts.

Flexibility has also been key during this time and one that has always been at the core of how we work at Mckenzies. We work with our clients in the way that is best for them. It’s not a one size fits all approach as we know that no two businesses are the same, so we offer bespoke packages and ways of working to suit you.  

Chartered accountants Surrey

Get in touch with our team of accountants in Oxted, Surrey to discuss your accounting needs.