8 February 2012
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Changes to VAT payment deadlines

 

From 1 April 2010, HM Revenue & Customs has made changes to the date on which it records VAT payments as being received.

 

For businesses that pay electronically, payment of VAT continues to be due within 7 days of the deadline for the VAT return to be submitted.

 

Where payment is made by cheque, HMRC will now only record the payment as having been received on the date the funds clear into its bank account as opposed to the date it receives the cheque.

 

Any payments which do not clear by the due date will be treated as being paid late and may be subject to interest and surcharges.

 

If you are making payment of VAT by cheque please ensure you allow sufficient time for postal delays and the cheque to clear. HMRC recommend sending payment no later than six working days before the due date.