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Pay your deferred VAT

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Pay your deferred VAT

As per our recent article, if you deferred your VAT payments due to the coronavirus pandemic between 20th March and 30th June 2020 and still have payments to make, you can either pay in full on or before 31st March 2021 or opt-in to the new deferral payment scheme.

If you pay the deferred VAT in full by 31st March 2021, you do not need to contact HMRC.

If you wish to join the VAT deferral new payment scheme; the online process is open between 23rd February and 21st June 2021. This new payment scheme allows you to pay the deferred VAT in equal instalments, interest free and lets you choose the number of instalments from 2 to 11. The earlier you join the scheme; the greater number of instalments will be available to you.

In order to use this scheme, you must still have deferred VAT to pay, pay the first instalment when you join, be up to date with your VAT returns and be able to pay the deferred VAT by Direct Debit. Please be aware, you must opt-in yourself, we are unable to do this for you.

You must contact HMRC by 30th June 2021 if you need extra help to pay the deferred VAT. You may be charged interest or a penalty if you do not pay the deferred VAT in full by 31st March 2021, opt into the new payment scheme by 21st June 2021 or do not agree extra help to pay with HMRC by 30th June 2021. 

Please do not hesitate to contact Jake on 01227 277667 or by emailing him at j.mackenzie@mphaccountants.co.uk if you wish to discuss in further detail.

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