Businesses that deferred VAT payments between March and June 2020 under the VAT Payment Deferral Scheme have until 21 June 2021 to opt-in to the VAT Deferral New Payment Scheme to pay their deferred VAT in equal consecutive monthly instalments.
Over half a million businesses deferred £34 billion in VAT payments due during this period in 2020 under the VAT Payment Deferral Scheme. Businesses had until 31 March 2021 to pay this deferred VAT or, if they could not afford to do so, they could go online from 23 February to set up a new payment scheme and pay by monthly instalments to spread the cost. Businesses can spread their payments with 2 to 11 equal monthly instalments, interest free.
If your business deferred VAT payments in the qualifying period, you now only have just over 3 weeks to opt into the scheme. Please follow the link below for more information and access to the payments scheme portal.
HMRC say that eligible businesses that are unable to use their online services can ring the HMRC Coronavirus Helpline on 0800 024 1222 to join the scheme until 30 June 2021.
If you have any questions about the scheme, please get in touch with a member of the team and we’d be happy to help.