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VAT Deferral New Payment Scheme – Open

19th March 2021 | Written by In Accountancy | Categories : CoronaVirus, Limited Companies, Small Business Advice, Tax Advice
VAT Deferral New Payment Scheme – Open

Just a reminder to everyone that if you deferred payment for VAT falling due for periods between 20 March and 30 June 2020, you can now make these payments or sign up for the new VAT Deferral Payment Scheme.

Unfortunately this isn’t something your agent or accountant can do on your behalf.

Here’s a link to the relevant page at HMRC which will go through everything you need to do in order to join the scheme:

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

If you join and make the first payment by today you will be able to split the remainder over 11 further instalments.

From tomorrow, the number of instalments will drop to 10.

If you deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, you can:

  • pay the deferred VAT in full, on or before 31 March 2021
  • join the VAT deferral new payment scheme – the online service is open between 23 February 2021 and 21 June 2021
  • contact HMRC on Telephone: 0800 024 1222 by 30 June 2021 if you need extra help to pay

You may be charged interest or a penalty if you do not:

  • pay the deferred VAT in full by 31 March 2021
  • opt into the new payment scheme by 21 June 2021
  • agree extra help to pay with HMRC by 30 June 2021

Sorry we can’t help on this occasion – do feel free to give us a call or drop us a line if you have trouble with any of the instructions on the link – any member of the team should be able to help with this.