Anyone taking up the offer of a VAT deferment?

[dx4100]

How many weeks does it take to start getting benefits?

5 weeks

[oilboil]

as a one man contractor it's not cashflow that should worry you. If you have insufficient cash you are more than likely insolvent.
Holding on to VAT doesn't give you any rights to spend it so there's no advantage.

If you're a real business with staff, rent, equipment lease, etc, then deferring VAT may be the difference between bankruptcy and not, but that is unlikely to be the case for a contractor.

So pay the VAT as there's no benefit in not doing.

I'd generally agree, but a good accounting friend suggested that there is a possibility that whilst its currently a deferral it could well be cancelled in the future - so in case they are correct I'm going to hold on to it

[ladymuck]

I'd generally agree, but a good accounting friend suggested that there is a possibility that whilst its currently a deferral it could well be cancelled in the future - so in case they are correct I'm going to hold on to it

Hmm...HMG is going to need every penny they can muster to cover the trillions they will end up spending. I can't see them forgiving debts somehow.

[northernladuk]

I'd generally agree, but a good accounting friend suggested that there is a possibility that whilst its currently a deferral it could well be cancelled in the future - so in case they are correct I'm going to hold on to it

Bearing in mind they pulled £34,231m Oct to Dec last year I very very much doubt they will be writing that off.

You friends with scooter in real life or something?

[Andy Hallett]

I'd generally agree, but a good accounting friend suggested that there is a possibility that whilst its currently a deferral it could well be cancelled in the future - so in case they are correct I'm going to hold on to it

This won't happen, they'll have enough of these with liquidations.

[northernladuk]

This won't happen, they'll have enough of these with liquidations.

I assume what he must have meant was a good friend who does accounting. I can't see a good accountant firing a blank as big as that one.

[d000hg]

I would say they'd do it on a future quarter if at all. Seems unlikely. Or maybe some CT relief.

[oilboil]

I assume what he must have meant was a good friend who does accounting. I can't see a good accountant firing a blank as big as that one.

Well the girl is an accountant of long standing but hey that doesn't matter as it doesn't match NLUK's view of the world so they must be wrong - "Golden Rule of CUK Forums"

Ultimately if they are wrong (and as I said they only suspected it) then I'm no worse off if I pay it at the end of the year, I they are correct then I don;t have to pay it

Seems like a no win no fee concept to me

[pickod]

Paid mine , no point putting it off