New VAT deferral payment scheme
HMRC has announced that businesses that deferred VAT payments between 20 March 2020 and 30 June 2020 can opt to pay now or join the VAT Deferral Payment Scheme. This scheme will allow businesses to pay in smaller instalments if necessary.
The VAT Deferral New Payment Scheme is an online service which runs from 23 February 2021 up to 21 June 2021.
To avoid any financial penalties businesses can choose one of the following:
- pay the deferred VAT in full by 31 March 2021
- opt into the VAT deferral new payment scheme by 21 June 2021
- agree payment help with HMRC by 30 June 2021
The new scheme enables businesses to pay the deferred VAT in interest free instalments – between 2 and 11 instalments depending on the date that you join the scheme.
Details of how to join the government’s VAT Deferral Payment Scheme can be found here.
Accountancy services
If you are a business owner looking for support with your financial accounts to help you navigate the current situation then get in touch and speak with one of our accountants. We can help you stay on track and meet required deadlines so that you do not incur any financial penalties.
There’s no doubt that the past year has been tough for many businesses. Our advisory services can help with your tax planning, financial forecasting and budgeting. Working with our team of accountants, we can prepare a budget and plan tailored to your business to help you achieve your goals. With a team of accountants working for you, this forecasting can help keep you on target through regular reviews so that any necessary changes to your business plan can be implemented to help you reach your financial goal.