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HMRC VAT deferral new payment scheme

4 March 2021
Luke Anderson
Accounting & Compliance

The deferral payment scheme is now open!

If you opted to defer your vat payment between 20 March and 30 June 2020 and still have payments to make, you can now defer your payments for a period of up to 11 months, making payments in equal instalments, interest free!

You have between 23 February and 21 June 2021 to join the scheme. When you join will determine how many months you are able to pay the deferred liability over:

If you join by: Number of instalments available:
19 March 2021 11
21 April 2021 10
19 May 2021 9
21 June 2021 8

 

How to join

Before joining you must:

 You must ensure that you have your own Government Gateway account – we are not able to sign up to the scheme on your behalf

  • Ensure that all outstanding vat returns from the last 4 years are submitted
  • Correct any vat errors as soon as possible

You will need to make sure that you know how much you owe on the deferred vat amount and how much you have already paid towards this.

The first instalment will be due for payment when you join the scheme with the remaining amount paid over equal instalments as per the months in the table above.

To sign up to the scheme please use the following link https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

If you need any help please contact your client manager at Friend & Grant.

The content in this blog is correct as at 04/03/2021. See terms and conditions.

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