The 2020 coronavirus pandemic has changed the way many of us do business. HMRC have made some changes to VAT and has provided guidance on what these changes mean. One of their latest updates reads:
“If businesses deferred VAT due from 20 March to 30 June 2020 and still have payments to make, they can opt into the VAT deferral new payment scheme to pay their deferred VAT over a longer period.
The payment scheme is expected to open on 23 February 2021 and close at the end of June 2021. If you opt in, you can make up to 11 smaller monthly instalments, interest free.
You can opt in to the scheme online without the need to call. Go to VAT deferral for more information, you can opt in quickly and simply online when the scheme opens. Please note that HMRC is unable to provide an agent service for this scheme.
If you can pay your deferred VAT by 31 March 2021 you should do so.
Businesses that need more help to pay their deferred VAT should contact HMRC”
More can be found by going to https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
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