VAT Deferral New Payment Scheme

COVID 19 News and Updates – UK | Prager Metis | Mar 23, 2021

Summary of Government Support produced by Prager Metis LLP – Last updated 19 March 2021

What we know

If you deferred VAT payments due between 20‌‌ ‌March and 30 June 2020 and still have payments to make and cannot afford to pay by 31‌‌ ‌March 2021 you can now join the online VAT Deferral New Payment Scheme to spread the payment.

The new scheme lets you pay your deferred VAT in equal monthly instalments, interest free.

You can spread payment across a number of months, depending upon when you join the scheme. So, the earlier you join the scheme, the more months you have to spread the payments across:

  • 10 instalments if you join by 21‌‌ ‌April
  • 9 instalments if you join by 19‌‌ ‌May
  • 8 instalments if you join by 21‌‌ ‌June.

You can join the scheme quickly and simply online, without the need to call HMRC. To find out more information, go to GOV‌‌‌.UK and search ‘VAT deferred’.

The online service will close on 21‌‌ ‌June 2021 – if you want to join the scheme online, you must do so before that date.

If you are on the VAT Annual Accounting Scheme or the VAT Payment on Account Scheme, you will be able to join the new payment scheme later in March. More information is expected on this shortly.

If you have a Time to Pay arrangement already in place for your deferred VAT, you cannot use the online scheme, however if you want to amend your Time to Pay arrangement, you can contact HMRC to do so.

 


2021-03-23T15:09:04-04:00
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