There’s good news for anyone that deferred VAT payment between 20th March – 30th June 2020. If you still have payment to make, you can now pay in instalments via the new VAT Deferral Payment Scheme, which is open until 21st June 2021.
The new scheme has been put in place to allow payment of deferred VAT to be made in equal, interest free instalments and to provide further support to businesses during these difficult times.
There are various payment options available dependent on the month you join, however if you sign up during March, you will be entitled to 11 payments or less.
If you are already on the VAT Annual Accounting Scheme or the VAT Payment on Accounts Scheme, you will be invited to join the new payment scheme this month.
In order to be eligible and use the online service, you must be up to date with your VAT returns, have deferred VAT to pay, join by the 21st June 2021, be prepared to pay the first instalment upon joining, and pay via direct debit. It is also important to note that you must join the scheme yourself via your company Government Gateway , unfortunately your agent cannot do this for you.
Although Team SAS will not be able to assist you in applying for the new VAT Deferral Payment Scheme, we are on hand to offer any guidance and advice regarding the process, so please don’t hesitate to get in touch.
