Anyone taking up the offer of a VAT deferment?

[Lance]

Returns are via Sage One. The payments are by card as I cancelled the DD to use Capital on Tap while it was a good thing and never reinstated it when the charges came in. I think if I went to DD now they'd simply not collect anything!

I use DD both before and after MTD switchover. No issues.

[vwdan]

Not me, I'd never have the balls to spend anything owed to the Gov so it doesn't really help with my cashflow.

[ladymuck]

I use DD both before and after MTD switchover. No issues.

My concern with switching back to DD is that I regularly see incorrect values owing, therefore the DD will take the wrong amount and I'll be found to be at fault. At the moment it's zeroed out but I suspect that will change when I submit my next return at the end of this month.

I only stopped paying by DD because HMRC didn't charge fees on the old Capital on Tap card and it was a really good way to get loads of Avios (which are now worthless, hey ho).

I'll revert back to DD after my financial year end when hopefully everything will be properly reconciled.

[d000hg]

Advice I was given is not to defer unless you have a reason to. You aren't going to be making money on it so unless you need to drain every penny from the Ltd account (in which case you are in serious trouble) just get it done.

[dx4100]

Rule 1 : don’t spend the tax money

Rule 2 : follow rule 1

[b0redom]

I'm deferring for as long as possible and investing it all in Crypto. What could possibly go wrong? Scooter says so.....

[d000hg]

Rule 1 : don’t spend the tax money

Rule 2 : follow rule 1

Unless you have to. Like to put food in your family's mouths and keep a roof over their heads, not so you can make a mortgage payment on time.

[Batcher]

I paid mine the day they announced it could be deferred but I would have paid it anyway.

I once paid VAT too early and had all sorts of strife from HMRC. They couldn’t see I had paid because it had gone into the wrong quarter and they couldn’t seem to marry up what I had paid and what I was due. They said I couldn’t get into their debt again for 12 months or I would have to pay a penalty despite me not being in debt.

I wouldn’t give them the excuse to chase me for anything now.

[dx4100]

Unless you have to. Like to put food in your family's mouths and keep a roof over their heads, not so you can make a mortgage payment on time.

I seriously doubt spending the tax mans money is wise even in that situation... You are just adding problems on top of problems...

The correct course of action in that situation is to pay the tax and make a benefits claim.

[d000hg]

How many weeks does it take to start getting benefits?