Date11 Jan 2021
CategoryTax, VAT & Indirect Tax
In previous communications we explained that a Payment Scheme had been introduced by the Government to help businesses pay deferred VAT.
Deferred VAT is due to be paid at the end of March 2021. However under the new payment scheme Businesses will be able to make 11 smaller interest free repayments in the 12 months to 31 March 2022.
HMRC’s guidance on the new scheme explains that to use it you must:
You must opt in yourself, your agent cannot do this for you. The online opt in process was to be made available in early 2021 but is still not available - HMRC’s website should therefore be checked regularly.
If you plan to opt in we suggest you don’t leave it to the last minute. Before opting in you must:
We are here to provide help wherever this is required. For further information please contact your local Azets contact.