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VAT deferral-time to take action-don’t delay

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Posted on: March 11th, 2021 by Leticia | | Categories: Uncategorised

VAT deferral-time to take action-don’t delay

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If you deferred VAT payments due between 20‌‌ ‌March and 30‌‌ ‌June 2020 and still have payments to make, you should pay by 31‌‌ ‌March 2021 if you can.

If you cannot afford to pay by 31‌‌ ‌March this year, you can now use the online VAT deferral new payment scheme to spread your payment.

The new scheme lets you pay your deferred VAT in equal monthly instalments, interest free. You can spread your payments across a number of months depending on when you join – the earlier you join, the more months you have to spread your payments across.

  • 11 instalments if you join by 19‌‌ ‌March
  • 10 instalments if you join by 21‌‌ ‌April
  • 9 instalments if you join by 19‌‌ ‌May
  • 8 instalments if you join by 21‌‌ ‌June.

You can join the scheme quickly and simply online without the need to call HMRC. To find out more information, including the things you need to do before joining, go to GOV‌‌‌.UK and search ‘VAT deferred’.

The online service will close on 21‌‌ ‌June 2021 – if you want to join the scheme online, you must do so before this date.

If you’re on the VAT Annual Accounting Scheme or the VAT Payment on Account Scheme, you’ll be able to join the new payment scheme later in March. We will share more information on this shortly.

If you have a Time to Pay arrangement already in place for your deferred VAT, you cannot use the online scheme. If you need to amend your Time to Pay arrangement, contact HMRC to do this.

 

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