The VAT Deferral new payment scheme went live on 23 February and businesses wishing to continue to delay full payment of VAT deferred between 20 March and 30 June 2020 should ensure they sign up before 31 March to avoid incurred interest or penalties on any outstanding amounts due to HMRC. Businesses need to actively opt in to the scheme, which closes for new applications on 21 June 2021.
HMRC have set up a dedicated new payment scheme portal, where payments can be managed by business owners. There is also a dedicated telephone line for those businesses which need additional assistance in arranging payments; this is available until 30 June 2021 – Tel: 0800 024 1222.
The earlier a business signs up to the scheme, the greater number of interest free monthly instalments will be available to it, with the maximum payment period extended to all being 11 months. This repayment term is extended to businesses that enrol for the service no later than 19 March. For full details of the scheme and access to the online portal to set up a payment scheme follow the link below:
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