Businesses can join the VAT Deferral New Payment Scheme from today, 23 February 2021…

If you deferred paying VAT due in the period from 20‌‌ March to 30‌‌ June‌‌ 2020, you should pay it by 31‌‌ ‌March‌‌ ‌2021 if you can.

If you can’t afford to pay by 31‌‌ March‌‌ 2021, you can join the VAT deferral new payment scheme and pay your deferred VAT over a longer period. The online service will open today, 23‌‌ February‌‌ 2021 and closes on 21‌‌ June‌‌ 2021. You can make up to 11 monthly instalments, interest free. The earlier you join, the more months you can spread your payments across.

The VAT deferral new payment scheme was announced by the Chancellor in the Winter Economy Plan.

You can join the scheme quickly and simply online via the GOV.UK website, more information can be found here: https://bit.ly/3sjQ3iC

If you need finance to help pay your VAT Independent Business Finance would be delighted to assist. Contact a member of our team to go through all available funding options: 01204 398816