To take advantage of the new payment scheme, businesses will need to have deferred VAT payments between March and June 2020. This is under the VAT Payment Deferral Scheme. Businesses will now be given the option to pay their deferred VAT in equal consecutive monthly instalments from March 2021.
Businesses will need to opt-in to the VAT Deferral New Payment Scheme. They can do this via the online service that opened on 23 February and closes on 21 June 2021.
Jesse Norman, Financial Secretary to the Treasury, said:
‘The Government has provided a package of support worth over £280bn during the pandemic to help protect millions of jobs and businesses.
‘This now includes the VAT Deferral New Payment Scheme, which will help provide businesses with the breathing space they may need to manage their cashflows in the weeks and months ahead.’
Samantha Bennett of Harvey, Telford & Bates comments:
“The VAT Deferral New Payment Scheme is additional financial support to businesses affected by the pandemic. This new payment scheme, should you require it, can be taken advantage of provided you meet the criteria set out by HMRC.
If you are unsure whether your business meets the requirements, Harvey, Telford & Bates can help you. We can also help guide you through the process.”
For more information or guidance, please call us on 01743 462604 or email us at email@example.com and our team is on-hand to support you.
For more information from the Gov.uk site, please click here