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IF YOU ARE STRUGGLING FINANCIALLY, THE VAT DEFERRAL PAYMENT SCHEME MAY HELP

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IF YOU ARE STRUGGLING, THE VAT DEFERRAL PAYMENT SCHEME MAY HELP

HMRC has announced that businesses that deferred VAT payments between 20 March and 30 June 2020 and still have payments to make can opt into the new VAT deferral payment scheme.

You must opt-in yourself; your agent or accountant cannot do this for you.

You can choose to:

1️⃣ Pay the deferred VAT in full, on or before 31 March 2021

2️⃣ Opt into the government’s new VAT deferral payment scheme between 23 February and 21 June 2021

3️⃣ Call HMRC on 0800 024 1222 by 30 June 2021 if you need extra help to pay

The VAT deferral payment scheme (option two above) enables you to pay the deferred VAT in equal instalments, interest-free. Depending upon when you join the scheme, you can spread the deferred VAT payments up to 11 instalments.

If you avoid any of the three options above it could result in you incurring penalties and interest.

Conditions:

✅ You must have deferred VAT which was due between 20 March and 30 June 2020.

✅ You are up to date with your VAT returns.

✅ You must have corrected any errors on your VAT returns.

✅ You must pay the first instalment at the time of joining the scheme.

✅ If you do not already have a Government Gateway account, you will need to create one.


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