VAT Deferral New Payment Scheme open for registration until 21 June 202107/04/2021
Businesses that opted to defer VAT payments last year can now choose to pay the outstanding sums in regular monthly instalments, lightening their load as lockdown ends. To take advantage of this opportunity, eligible businesses must sign up through the online portal, which will remain open until 21 June 2021.
To be eligible, a business simply needs to have deferred VAT payments between March and June last year under the VAT Payment Deferral Scheme. Repayments under the new scheme will be equal and paid over consecutive months.
The Financial Secretary to the Treasury, Jesse Norman, said: “The Government has provided a package of support worth over £280 billion 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.”
For help registering for the scheme, or any further advice on tax matters, contact JW Hinks on 0121 456 0190. Our friendly and professional Tax Team has all the experience and expertise to help you ensure your business is not paying more than it owes, and taking advantage of all the support measures available to it.