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Anyone taking up the offer of a VAT deferment?

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    Anyone taking up the offer of a VAT deferment?

    VAT due tomorrow, do I pay it or do I take up the offer and defer.

    (FreeAgent has handily assumed I will defer anyway, but I don't like being in debt especially with the VAT man, money is in the Aldermore account already put aside as with other liabilities like a good company director)
    Originally posted by Stevie Wonder Boy
    I can't see any way to do it can you please advise?

    I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

    #2
    No.

    Mine is due in June and I'm not going to defer. MTD is already a mess without this on top.

    Comment


      #3
      Originally posted by ladymuck View Post
      No.

      Mine is due in June and I'm not going to defer. MTD is already a mess without this on top.
      I have zero love for HMRC, (even though they were my last gig), but I am not sure why everyone is so hard on MTD, it just seamlessly works for me (but then again I keep things simple as I can)
      Originally posted by Stevie Wonder Boy
      I can't see any way to do it can you please advise?

      I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

      Comment


        #4
        No, the buggers always owe me VAT

        Comment


          #5
          Originally posted by SimonMac View Post
          VAT due tomorrow, do I pay it or do I take up the offer and defer.

          (FreeAgent has handily assumed I will defer anyway, but I don't like being in debt especially with the VAT man, money is in the Aldermore account already put aside as with other liabilities like a good company director)
          I'd defer and just keep the money in the bank. You don't know what is going to happen. Tomorrow your contracts could all go pop, and you will at least still have the cash as cashflow.

          At the end of the year the GOV may well declare it null and void anyway (unlikely but possible) they won't be repaying any paid VAT though

          So I'd just hold on to it and pay it at the end of the year myself - safer all round

          Comment


            #6
            Originally posted by SimonMac View Post
            I have zero love for HMRC, (even though they were my last gig), but I am not sure why everyone is so hard on MTD, it just seamlessly works for me (but then again I keep things simple as I can)
            The reporting side is fine. No issues at all.

            But when I look at my account, it's a mess. They tried to say I only owed £2k against my Q2 VAT return of over £6k because they keep putting payments as credits on account instead of assigning them against the returns.

            Here's what they've done to my account so far this year... I have never asked for a refund, none of the dates are correct. I have no idea why all the values are negative! Nothing is allocated. It's a mess.

            Comment


              #7
              Nope, paying mine. VAT I want out of the way. Other offerings of help I might consider nearer the time but I would like to aim to pay everything off so don't have to worry about anything hanging over me. Obviously if the worst happens money in the bank is king so will have to think pretty long and hard at each point.
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #8
                Originally posted by ladymuck View Post
                The reporting side is fine. No issues at all.

                But when I look at my account, it's a mess. They tried to say I only owed £2k against my Q2 VAT return of over £6k because they keep putting payments as credits on account instead of assigning them against the returns.

                Here's what they've done to my account so far this year... I have never asked for a refund, none of the dates are correct. I have no idea why all the values are negative! Nothing is allocated. It's a mess.
                https://i.imgur.com/yicZQBZ.png
                How are you making the returns/payments? I just have a bank transfer with the VAT number and it always get allocated to the right payment
                Originally posted by Stevie Wonder Boy
                I can't see any way to do it can you please advise?

                I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

                Comment


                  #9
                  Originally posted by oilboil View Post
                  I'd defer and just keep the money in the bank. You don't know what is going to happen. Tomorrow your contracts could all go pop, and you will at least still have the cash as cashflow.

                  At the end of the year the GOV may well declare it null and void anyway (unlikely but possible) they won't be repaying any paid VAT though

                  So I'd just hold on to it and pay it at the end of the year myself - safer all round
                  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.
                  See You Next Tuesday

                  Comment


                    #10
                    Originally posted by SimonMac View Post
                    How are you making the returns/payments? I just have a bank transfer with the VAT number and it always get allocated to the right payment
                    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!

                    Comment

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