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Northampton: 01604 678470 | Rushden: 01933 312950
Businesses that deferred VAT payments last year have less than a month left to join online and pay in monthly instalments under the VAT Deferral New Payment Scheme, HMRC has confirmed.
The online portal for the new payment scheme will close on 21 June 2021.
Over half a million businesses deferred £34 billion in VAT payments due between March and June 2020 under the VAT Payment Deferral Scheme. Businesses had until 31 March 2021 to pay this deferred VAT or, if they could not afford to do so, they could go online from 23 February to set up a new payment scheme and pay by monthly instalments to spread the cost.
Commenting on the scheme, Jim Harra, HMRC's Chief Executive, said: “Businesses that deferred paying their VAT last spring have until 21 June to join the VAT Deferral New Payment Scheme online. They should act now to avoid missing out on this opportunity to spread payment of their deferred VAT across monthly, interest-free instalments.”
As always, if you are affected by any of the issues raised in our blogs, do give us a call on either 01604 678470 or 01933 312950 we will be happy to help.
Elsby & Co is a trading name of Elsby & Company Ltd, registered in England no: 08640427. Director Carl Elsby (ACA). Elsby & Co is also a trading name of CoopersElsby Ltd, registered in England no: 08645131. Directors Carl Elsby (ACA) and Kupesh Patel (FCCA). Elsby & Co is also a trading name of CDA (UK) Ltd, registered in England no: 08641972. Director Benjamin Matthews (FCCA). Details about our audit registration for Elsby & Co (Sywell) Ltd can be viewed at www.auditregister.org.uk for the UK and www.cro.ie/auditors for Ireland under reference number C001240833. In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurer is AXA Insurance UK plc, 5 Old Broad Street, London, EC2N 1AD. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.