The new online portal for the VAT deferral new payment scheme opened on 23 February, and will be available until 21 June 2021, for businesses which deferred VAT payments in 2020. The scheme allows businesses which deferred VAT payments due between 20 March and 30 June 2020 under the VAT payment deferral scheme to pay their deferred VAT in up to 11 equal monthly instalments, interest free. Payments can start from March 2021, and HMRC points out that the earlier businesses opt in, the more instalments will be available to help spread the cost.
HMRC helpfully also sets out three clear options for businesses which have outstanding deferred VAT:
pay the deferred VAT in full, on or before 31 March 2021;
opt in to the VAT deferral new payment scheme online between 23 February and 21 June 2021, to take advantage of the instalment option;
contact HMRC by 30 June 2021 if they need to agree extra help to pay (and to avoid potential interest and penalties).
The new online portal for the VAT deferral new payment scheme opened on 23 February, and will be available until 21 June 2021, for businesses which deferred VAT payments in 2020. The scheme allows businesses which deferred VAT payments due between 20 March and 30 June 2020 under the VAT payment deferral scheme to pay their deferred VAT in up to 11 equal monthly instalments, interest free. Payments can start from March 2021, and HMRC points out that the earlier businesses opt in, the more instalments will be available to help spread the cost.
HMRC helpfully also sets out three clear options for businesses which have outstanding deferred VAT:
pay the deferred VAT in full, on or before 31 March 2021;
opt in to the VAT deferral new payment scheme online between 23 February and 21 June 2021, to take advantage of the instalment option;
contact HMRC by 30 June 2021 if they need to agree extra help to pay (and to avoid potential interest and penalties).
