Good news for businesses that deferred VAT last year. If you’re struggling to pay, help is at hand. The VAT deferral new payment scheme is now open. Businesses that deferred payment of VAT due between 20 March and 30 June 2020 and were unable to pay in full by 31 March 2021 qualify for support. Ease your cash flow. Apply now to spread your VAT payments.
Spread your VAT payments with monthly instalments
The scheme is easy to use. Join by 19 May 2021 and you can pay monthly. In up to nine instalments. The later you join, the fewer the instalment options available.
Quick and easy
It’s quick and easy to join. Simply sign up online by 21 June 2021. You don’t need to call HMRC first. Check what you need to participate at https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
Undecided whether to spread your payments? Or need more time to pay? Then contact HMRC without delay.
Failure to pay
So, what happens if you don’t pay your VAT bill in full? You could incur a penalty. This may be a 5% charge and/or interest. Don’t fall foul of the rules. Just sign up and spread your VAT payments. Alternatively, contact HMRC by 30 June 2021 to make an arrangement to pay.
Still struggling to pay your tax bill? And unsure whether you should spread your VAT payments? Get in touch with our tax experts on 01785 243276.
End of year and P11D – payment of personal bills