Join the scheme before 21 June 2021.
If your business was affected by Coronavirus in 2020, HMRC gave the option for VAT payments to be deferred.
VAT payment deferrals apply to payments that were due between 20 Mar 2020 and 30 June 2020. These payments were due to be made in full by 31 March 2021.
Now this date is fast approaching and as business are still being adversely affected by Coronavirus, HMRC have offered a new deferral scheme, which means vat payments can be deferred until March 2022.
Businesses must opt into this scheme before 21 June 2021, and must do so themselves, agents cannot do this on their behalf.
Businesses must meet the following criteria before joining the new deferral scheme:
- Must have their own Government Gateway account – apply here if required
- Last 4 years vat returns must have been submitted.
- Any errors on previous vat returns must have been corrected.
- Know the amount due, including the original deferred amount and how much has been paid towards this.
Please note you will be required to make the first instalment payment at the time of joining the scheme. The remaining instalments will be collected via direct debit.
If you have any concerns or queries regarding this scheme you can contact HMRC direct on their Covid-19 helpline on 0800 0241222 or contact your CJ Bookkeeping Client Account Manager and we can answer any questions you may have.