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COVID-19 VAT Deferral Payment Guidance Updated

And new payment scheme opens soon ...

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Posted by Roger Eddowes on 18/02/2021 @ 8:00AM

New guidance has been published by HMRC on how to register for VAT payments deferred between the 20th March 2020 and the 30th June 2020. There are now a number of payment options available ...

The VAT Deferral New Payment Scheme opens for registrations from the 23rd February 2021 until the 21st June 2021!

The VAT Deferral New Payment Scheme opens for registrations from the 23rd February 2021 until the 21st June 2021!

copyright: joykid / 123rf


These options include paying the deferred VAT fully, on or before the end of March 2021. Interest and penalties may be charged if you don't pay in full, opt into the latest payment scheme by the 21st June 2021 or agree extra time to pay with HMRC by the end of June 2021.

"Any deferred VAT must be paid in full by the 31st March 2021 if no instalment plan is in place!"

The VAT Deferral New Payment Scheme opens for registrations from the 23rd February 2021 until the 21st June 2021. Anyone with VAT Annual Accounting or VAT Payment on Account will be invited to join by HMRC directly from March. This new scheme allows you to pay deferred VAT in up to 11 instalments, interest-free (depending on when you join it).

To be able to register for the online service, businesses must:

  • Join the scheme yourself, not via an agent

  • Have deferred VAT you still need to pay

  • Be up to date with your VAT returns

  • Join on or before the 21st June 2021

  • Pay your first instalment when you join the scheme

  • Pay instalments by direct debit

Remember to create your own Government Gateway account if you don't already have one.

If you want to join the VAT Deferral New Payment Scheme, but are unable to use the online service via the Government Gateway, you can contact HMRC's COVID-19 helpline on 0800 024 1222 once the scheme begins.

You may also be contacted by HMRC should a VAT compliance check find that extra payments are due.

Until next time ...

ROGER EDDOWES
Business Godparent

 
 



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About Roger Eddowes ...

 

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.