Defering your vat payments

[MarillionFan]

Has anyone ever contacted HMRC and attempted to do this.

I believe that it is possible to actually defer your VAT payment. I've read it's at their discression and there is an interest charge of 3.5%.

Has anyone tried it? How much did it cost? How long could you defer for?

[Clare@InTouch]

You can contact HMRC to try to set up a payment plan, whether or not they agree will depend on the amount and your history. If you've defaulted in the past then they are much less likely to agree. If they do agree, just make sure you stick to the plan or they can call in the whole debt straight away. Leave three working days for any payment to clear before the due dates.

[MarillionFan]

You can contact HMRC to try to set up a payment plan, whether or not they agree will depend on the amount and your history. If you've defaulted in the past then they are much less likely to agree. If they do agree, just make sure you stick to the plan or they can call in the whole debt straight away. Leave three working days for any payment to clear before the due dates.

What 'reasons' do you need Clare?

[Clare@InTouch]

What 'reasons' do you need Clare?

Just let them know it's cashflow. If you're invoice based then you pay VAT to HMRC regardless of when you recieve it from your clients, so it's possible that you're paying them money you've not had yet.