Quick! Get organised with paying VAT
Posted by PM | on Mon, 22/03/2010 - 07:49 3684
Legislation in the Finance Act 2009 changed the effective date of payment when payments are made by cheque. This legislation has now commenced with effect from 1 April 2010. This means that any cheques received by HMRC for payments of VAT (and only VAT at present) will be treated as made when cleared funds are received by the department, and not when the cheque was received. HMRC’s recent Revenue & Customs Brief 14/10 provides more details on the change.
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