VAT Payments Update - VAT Payment deferral Scheme
If you have previously deferred VAT that was due between 20th March 2020 and 30th June 2020, you now have a choice
- Pay the deferred VAT in full on or before 31st March 2021
- Opt in to the VAT deferral new payment scheme by 31st March 2021
To opt in to the scheme you will need a Government Gateway Account and if you do not have one now (Feb 2021) is to time to apply. As yet the portal is not open to opt in but it will be soon so get ready.
Once the portal is open, you can pay HMRC in 11 smaller instalments which are interest free. You need to be up to date with your VAT Returns so again use this time to catch up if you are running behind.
Call or email your relationship manager if you want to discuss your particular case.