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Deferral of VAT payments due to COVID-19

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Deferral of VAT payments due to COVID-19

On Thursday 24th September 2020, the Chancellor, Rishi Sunak announced that there is an option to pay the deferred VAT due from 20th March to 30thJune 2020 in smaller payments over a longer period.

You can now make smaller, interest free payments up to the end of March 2022 instead of paying the full amount by the end of March 2021.

If you would prefer to make small, interest free payments, you will need to opt-in to the scheme, meaning the deferred VAT liability will not need to be paid in full until the end of March 2022. Those that can pay their deferred VAT can do so by 31st March 2021.

More information on how to join the above scheme will be released in the coming months.

Please contact Jake on 01227 277667 or by emailing him at j.mackenzie@mphaccountants.co.uk if you are unable to pay your VAT or would like further guidance.

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