March 2nd, 2021

VAT Deferral payment scheme- is now open

Many VAT registered businesses were given the option to defer their VAT payments which were due to be paid between 20 March 2020 and 30 June 2020.  The deferral payment date had been extended to 31st March 2021.

HMRC have now given VAT registered businesses the option to defer this payment for even longer and have opened the new deferral payment scheme.

Vat registered businesses that did have a VAT liability due for payment between 20th March 2020 and 30 June 2020 now have 2 options:

  1. Pay the deferred VAT in full, on or before 31st March 2021
  2. Join the New VAT deferral scheme

The new deferral scheme allows you to pay your deferred VAT in equal instalments, interest free.

You can choose the number of instalments, from 2 to 11 (depending on when you join the scheme) The earlier the join, the longer you may have.

How to join the scheme

You must have a government gateway account for your businesses.  If you do not currently have this, you will need to create one.

You must not have any outstanding VAT returns due to be filed from the last 4 years- if you do, you must submit these before applying to join the scheme.

Make sure prior to your application you know the amount you deferred and how much you have already paid.

To join the online service, you must:

You can apply here.

 

Share this post

Filed under

COVID-19 VAT

by
Director

Alison obtained a First class degree in Accountancy and Management at UCLAN University. She then went on to qualify as a certified accountant in 2006 and became a founder member in 2011.

Alison trained at a practice in Liverpool and, within her 10 years there, she developed as an accounts manager and obtained a varied portfolio of clients which has provided her with a range of experience in accounts, audit, VAT and taxation.
Alison specialises in giving sound jargon-free advice to a range of small and medium sized businesses.

Give a Goat

Give us a referral and we will donate a goat to a family in Africa

Find out more

Our Newsletter

Enter your email address to subscribe to our mailing list.
  • This field is for validation purposes and should be left unchanged.