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READ MOREAccountants initiate corporate finance discussion as VAT holiday ends
The VAT holiday period announced by HMRC in March ended today. Businesses will have until March 31, 2021 to pay their VAT bill deferred between March 20 and June 30 this year. As a result, accountants are now advising clients on how to prepare ahead of paying their VAT bill next year – particularly those struggling with cash.
“In business, your cash flow is negative because you’re probably paying wages before you’re getting paid by your customers. It’s trying to establish to them where that pinch point is, if they’ve got a negative cash flow to make profits for the future now and if they will be able to afford the VAT,” says Richard Grimster, partner at Price Bailey.
Read more at the Accountancy Age.
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