HMRC have warned that businesses that deferred VAT payments last year have one month left to join online to pay in monthly instalments under the VAT Deferral New Payment Scheme.
The online portal for the new payment scheme closes on 21 June 2021.
Over half a million businesses deferred £34 billion in VAT payments due between March and June 2020 under the VAT Payment Deferral Scheme. Businesses had until 31 March 2021 to pay this deferred VAT or, if they could not afford to do so, they could go online from 23 February to set up a new payment scheme and pay by monthly instalments to spread the cost.
Jim Harra, HMRC’s Chief Executive, said:
“Businesses that deferred paying their VAT last spring have until 21 June to join the VAT Deferral New Payment Scheme online. They should act now to avoid missing out on this opportunity to spread payment of their deferred VAT across monthly, interest-free, instalments.
The new payment scheme is part of the Government package of support worth over £350 billion to help protect millions of jobs and businesses during the pandemic and as we emerge on the path to recovery."
Eligible businesses that are unable to use the HMRC online service by 21 June 2021 can ring the HMRC Coronavirus Helpline on 0800 024 1222 to join the scheme until 30 June 2021.
Businesses may be charged a 5 per cent penalty and / or interest if they don’t join up to the scheme online by 21 June, or pay in full by 30 June, or contact HMRC to make an arrangement to pay by 30 June 2021. Businesses should also contact HMRC by 30 June 2021 if they need to agree extra help to pay.
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