Deferred VAT Payments

Did you defer your VAT between 20th March and 30th June 2020. If so, you now need to either;

• Pay your deferred VAT in full by 31 March 2021 – you do not need to contact HMRC.

• Join the VAT deferral new payment scheme – the VAT deferral new payment scheme is open from 23 February 2021 up to and including 21 June 2021.

The new scheme lets you:

• Pay your deferred VAT in equal instalments, interest free

• Choose the number of instalments, from 2 to 11 (depending on when you join)

You can join the scheme through the government website under the following terms;

• You are up to date with your VAT returns
• You join by 21 June 2021
• You pay the first instalment when you join
• You pay your instalments by Direct Debit (if you want to use the scheme but cannot pay by Direct Debit, there’s an alternative entry route for you)

If you have any questions, please get in touch with Sarah MacInnes on 0808 178 0024 or e-mail info@yourinvoicefinance.co.uk