The Isle of Man Government is allowing businesses to defer the making of VAT payments to help support businesses with their cash flow during the Coronavirus pandemic.
VAT payments can only be deferred if they are due between 20 March and 30 June 2020 and are:
- quarterly and monthly VAT return payments for the periods ending in FEBRUARY, MARCH and APRIL;
- payments on account due between 20 March 2020 and 30 June 2020;
- annual accounting advance payments due between 20 March 2020 and 30 June 2020.
The deferral does not cover payments for VAT MOSS or import VAT.
If you choose to defer a VAT payment as a result of coronavirus, you must pay the VAT due on or before 31 March 2021.
VAT payments that are due after the end of the deferral period will need to be paid as normal.
If you have any difficulty paying your VAT return and it is not covered by the automatic deferment detailed above you should contact the Debt Management Unit with whom you can discuss your options.
Penalties and interest will apply to VAT returns for periods ending May 2020 onwards which remain unpaid on the due date unless prior ‘time to pay’ arrangements have been agreed with the Debt Management Unit to meet this liability.
Contact details for Debt Management Unit:
Tel: +44 1624 648160
Email: DMU.Customs@gov.im
