VAT Deferral New Payment Scheme online service opens
Date published: 25 February 2021
Photo: Wrangler - stock.adobe.com
The VAT Deferral New Payment Scheme has been launched this week by HMRC
Over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments.
In order to take advantage of the new payment scheme, businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral Scheme. They will now be given the option to pay their deferred VAT in equal consecutive monthly instalments from March 2021.
Businesses will need to opt-in to the VAT Deferral New Payment Scheme. They can do this via the online service that opened on 23 February and closes on 21 June 2021.
Jesse Norman, Financial Secretary to the Treasury, said: “The VAT Deferral New Payment Scheme ... will help provide businesses with the breathing space they may need to manage their cashflows in the weeks and months ahead.”
The new payment scheme is intended to help the economy recover by enabling businesses, impacted by the pandemic, to manage their business cash flow at a critical time.
Payments can be set up via the new payment scheme portal. Businesses can spread their payments with two to 11 equal monthly instalments, interest free. Payments can start from March 2021 and the earlier businesses opt-in the more instalments are available to help spread the cost and provide further support.
Eligible businesses that are unable to use online services can ring the HMRC Coronavirus Helpline on 0800 024 1222 to join the scheme until 30 June 2021.
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