VAT Deferral Scheme
Posted on 10th March 2021 at 15:59
If you took advantage of the VAT deferral scheme between 20th March 2020 and 30th June 2020 (i.e. didn’t pay the VAT that was due), that VAT becomes due on 31st March 2021.
If you have the funds to pay the debt, you can pay anytime between now and 31st March 2021. You do not have to contact HMRC.
If you do not have the funds to pay the debt, HMRC have set up a VAT Deferral New Payment Scheme that you can opt into. The scheme will allow you to pay the balance you owe in monthly instalments, between 2 and 11 months depending on when you opt in, the sooner you opt in the longer you have to spread the cost.
You will need to make the first payment as part of the opting-in process and there are certain criteria for you to be able to register online.
If you wish to take advantage of this Payment Scheme, then it is accessed via your Government Gateway account and you can opt in by 21st June.
If you are still unable to pay your deferred VAT bill and need more time, you can contact HMRC before 30th June.
To read more please click on the link below.
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