Deadline looms for VAT Deferral New Payment Scheme

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Businesses that deferred VAT payments last year have until 21 June 2021 to join the new online payment scheme, allowing them to pay in monthly installments.

Over half a million businesses deferred VAT payments due between March and December 2020 under the VAT Payment Deferral Scheme.

Businesses that sign up for the scheme can pay their deferred VAT in two to eight consecutive instalments without adding interest, if they join online by the 21 June 2021. The first payment due would be made at the time of joining.

There are some requirements for joining (ie ensuring VAT returns are up-to-date). If you need help getting your VAT returns completed and filed, get in touch to arrange a free consultation to see how we can help with your bookkeeping needs. Based in Essex, we provide small businesses bespoke, affordable bookkeeping and payroll services.

Source: GOV.UK