VAT Deferral New Payment Scheme – online service opens
Further to our Article on 29th January 2021 regarding the Chancellor announcing the Deferred VAT Payment Scheme, the scheme has now opened
Over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments, HMRC has announced. In order to take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral Scheme. They will now be given the option to pay their deferred VAT in equal consecutive monthly instalments from March 2021. Businesses will need to opt-in to the VAT Deferral New Payment Scheme. They can do this via the online service that opens on 23 February and closes on 21 June 2021.
Whilst we may be unable to provide finance for this, we may be able to help businesses with their future VAT 100 Returns that are still to be paid. For more information on this please get In Touch or visit the VAT 100 Webpage.