Over half-a-million businesses that deferred VAT payments in 2020 can now join the new online VAT Deferral New payment Scheme to pay what they owe in monthly instalments, HMRC has announced.
To take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral Scheme. They now have 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.
Payments can easily be set up via the new portal (go to https://tinyurl.com/2xwdbhhx).
Businesses can spread their payments with two to 11 equal monthly instalments, interest free. Payments can start from March 2021 and the earlier businesses opt-in the more instalments are available to help spread the cost and provide further support.
Eligible businesses that are unable to use the online services can call the HMRC Coronavirus Helpline on 0800 024 1222 to join the scheme (until 30 June 2021).
Go to https://tinyurl.com/2xwdbhhx for more details.