Business: VAT

(asked on 17th March 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans his Department has to extend the financial support offered to businesses for PAYE and National Insurance contributions to include VAT payments; and what assessment he has made of the effect of VAT liability on cashflow where customers enter administration.


Answered by
Jesse Norman Portrait
Jesse Norman
This question was answered on 23rd March 2020

The Chancellor has announced an unprecedented economic response to support businesses. This includes deferment of VAT payments. No VAT-registered business will have to make a VAT payment alongside their VAT return to HMRC from now through to June. Businesses will have until the end of the financial year to pay these bills. This is a direct injection of more than £30bn of cash to businesses, equivalent to 1.5% of GDP.

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