VAT Deferral - New Payment Scheme
Last updated Thursday 1 October – 12:08
The VAT payments deferral scheme ended on 30 June 2020. However, the government are allowing those businesses who deferred their VAT payments the option to repay in smaller, interest free, instalments.
Originally, a lump sum was due to be repaid in full at 31 March 2021. The government have agreed that the monies owed can be repaid over 11 instalments during the 2021-22 financial year.
As yet, no guidance is available however, you will need to opt-in to the New Payment Scheme and further information will be on HMRC website as it becomes available.