December 10th, 2020.

As part of its Winter Economy Plan, the Government announced that businesses who deferred VAT due from the 20th of March to the 30th of June 2020 will now have the option to pay in smaller payments over a longer period.

Instead of paying the full amount by the end of March 2021, VAT-registered companies can opt into the VAT deferral scheme and make smaller payments up to the end of March 2022, interest free.

The VAT deferral new payment scheme will require a direct debit to be set up as part of the digital opt-in process and this must be done by the authorised bank account holder only. HMRC will communicate the details of the scheme and its operation in time for firms to complete the opt-in process.

HMRC further outlines that if anyone can pay the deferred VAT, then they should still do so by the 31st of March 2021. Anyone still struggling, should contact HMRC’s Time to Pay service if more help to pay deferred VAT is required.

Further information is available at GOV.UK.
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