If you deferred VAT payments due between 20th March and 30th June 2020 and still have payments to make, you now have options when it comes to repayments. You can:
• pay the deferred VAT in full now
• join the VAT deferral new payment scheme – the online service is open between 23rd February and 21st June 2021
• contact HMRC on Telephone: 0800 024 1222 by 30th June if you need extra help to pay
You may be charged a 5% penalty or interest if you do not pay in full or make an arrangement to pay by 30 June 2021.
The VAT deferral new payment scheme opened on Tuesday, 23rd February and its worth noting that if you intent to use it, its worth signing up sooner rather than later. All instalments will still need to be made by the end of the tax year, therefore the earlier you join, the lower each instalment will be.
You can read the full details and register for the scheme at https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
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