The new VAT deferral payment scheme is open for all businesses who deferred paying VAT due between the 20th of March and 30th of June 2020, and were unable to pay in full by the 31st of March 2021.
The last day businesses can join the scheme is the 21st of June 2021.
If businesses join by this date they can apply to spread their payments across up to eight instalments.
If a business has deferred paying VAT and has not yet joined the VAT deferral new payment scheme, they may be charged a 5% penalty and/or interest if they do not join online by the deadline of 21 June or pay in full by 30 June.
You can join quickly and simply online without needing to call HMRC. To find out more, including what you need to join online, go to GOV.UK and search ‘VAT deferral’.
If businesses are still unable to pay and need more time, they should contact HMRC to make an alternative arrangement by the 30th of June 2021 – go to GOV.UK and search ‘if you cannot pay your bill on time’.
Help and support with the VAT deferral payment scheme
If you need help with this scheme or any other aspect of your VAT contact me now.