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The coronacrisis and the consequences for VAT
During the coronacrisis events are cancelled, customers are unable to pay invoices, entrepreneurs hand out vouchers to generate revenues and many companies run into financial difficulties. We provide you with some VAT tips
Offsetting payroll taxes with VAT
Due to the current coronacrisis, many companies are facing financial difficulties. Perhaps you have applied to the Tax and Customs Administration for a deferment of payment for taxes in the next few months. If you have to start paying tax again after this postponement however, the following process could provide a cash flow benefit.
VAT refund for cancellations
Due to the current coronacrisis, many appointments, meetings and events have been cancelled. As an entrepreneur or organisation, you may be able to limit the financial loss in the event of a cancellation to some extent by reclaiming VAT.
Vouchers: effects on VAT
In the current coronacrisis, many companies are issuing vouchers, for example when canceling a trip or generating revenue now for the future delivery of services or goods. These vouchers can prevent bankruptcy for companies struggling to deal with the economic impact of the coronavirus. The issue and exchange of vouchers, however, have several VAT consequences that you have to take into account.
VAT refund for irrecoverable debts
Due to the current coronacrisis, your clients may no longer be able to pay your invoices. There is a possibility to reclaim the VAT you have paid in this context, subject to conditions. In addition, it is a good idea to take a look at whether you have any irrecoverable debts from the past, for which you can reclaim VAT.
Want to know more?
Ronald Plat Partner
Your challenges during the coronacrisis
These are special times where we face major challenges. The impact of the coronavirus is significant and the situation is constantly changing. We will inform you about new developments and measures and are of course at your disposal to support you where necessary with your current challenges. Do you have questions? Please contact your trusted Mazars adviser or use the contact form.