Covid-19 Deferred VAT Payment Scheme
Many business in the UK deferred VAT payments due between 20 March 2020 and 30 June 2020, due to COVID-19. The business can pay the deferred VAT in a single payment to HMRC by 31 March 2021 or HMRC has opened a link to pay the deferred VAT in instalments.
Businesses can contact HMRC on 0800 024 1222 by 30 June 2021 if you need extra help to pay.
The scheme which opened yesterday, allows you to pay your deferred VAT in equal instalments, interest free and you can choose the number of instalments, from 2 to 11 (depending on when you join the scheme).
The instalment will be collected by direct debit which will be set up at the time you join this scheme online. The table below shows monthly joining deadlines and the corresponding number of instalments.
|If you join by:||Number of instalments available to you:|
|19 March 2021||11|
|21 April 2021||10|
|19 May 2021||9|
|21 June 2021||8|
The business must opt in to the scheme by 21 June 2021.
There is a Cashflow opportunity for businesses by delaying to join the scheme as monthly instalment will start when you join the scheme. The last monthly instalment must be made by January 2022.
If you have any questions or queries please contact either Alex Millar, Senior VAT Consultant, or Naveen Sahney, VAT + Customs Duties Manager at support@garbutt-elliott,co,uk