24 May 2021

VAT Deferral

COVID Business Help - Scunthorpe accountants

Have you deferred your VAT which was due between 20 March and 30 June 2020?

If you have and you were unable to pay in full by 31 March 2021, you can still apply for the VAT deferral scheme. If you have not signed up for the scheme yet, you can apply now to spread your payments over eight instalments.

You must apply between 20 May and 21 June, with the 21 June being the deadline to join this scheme. To sign up online, it is quick and easy, click here.

You may be charged a 5% penalty and/or interest if you do not sign up to the VAT deferral scheme by the deadline of 21‌‌‌ ‌‌‌‌‌June, or pay in full by 30‌‌‌ ‌June, or get in touch with HMRC to make an alternative arrangement to pay by 30‌‌‌‌‌ ‌‌June‌‌ ‌2021.

To join the scheme you must:

  • Have your VAT registration number
  • Be up to date with your VAT returns
  • Join by 21 June 2002
  • Pay the first instalment when you join
  • Pay your instalments by Direct Debit

If you are unsure if you have deferred your VAT, or if you are eligible for the scheme, contact one of our team here at S Smith & Co.

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