For the half a million businesses who deferred their VAT payments last year, they can now join the new online VAT Deferral New Payment Scheme to pay it back in smaller monthly instalments.
Businesses will need to have deferred VAT payments between March and June 2020 under the VAT Payment Deferral Scheme.
They will also need to opt-in to the scheme and this can be done through the online service that closes on 21st June 2021.
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Email JaimeJesse Norman, Financial Secretary to the Treasury, said, “The Government has provided a package of support worth over £280bn during the pandemic to help protect millions of jobs and businesses.
“This now includes the VAT Deferral New Payment Scheme, which will help provide businesses with the breathing space they may need to manage their cashflows in the weeks and months ahead.”
If you believe that you’ll struggle to pay what you owe and will need extra help, contact HMRC by 30th June 2021, otherwise you may be charged interest or a penalty.
To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.
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