Deferred VAT Payments are due now!
VAT payments deferred between 20 March 2020 and 30 June 2020 were due to be paid in full by 31 March 2021. The deferral option was made available as a way of supporting businesses at the start of the Covid-19 pandemic.
Businesses are receiving letters from HMRC reminding them that their outstanding deferred VAT payments are due.
If you chose to delay your VAT payment originally due during this time period, you must now make arrangements to pay the amount due. Payment can be made in full now, or via instalments over a longer period of time. To pay via interest-free instalments, you must join the VAT deferral new payment scheme by 21 June 2021.
Please note that you may be charged a 5% penalty if you do not pay in full or make an arrangement to pay by 30 June 2021.
The VAT deferral new payment scheme
This scheme is open from 23 February 2021 up to and including 21 June 2021. It allows you to pay your deferred VAT in equal instalments, interest free. When you decide to join the scheme will determine the maximum number of instalments that are available to you.
If you have deferred your VAT payment and have concerns about the payment deadline contact HMRC on 0800 024 1222 by 30 June 2021 for extra help to pay. Plus – our team of experts are happy to help. Please contact us with any queries.