21/05/2021- VAT Deferral New Payment Scheme -portal shuts on 21st June 2021

If businesses deferred VAT payments last year that they have one month left to go online to pay in monthly instalments under the VAT Deferral New Payment Scheme.  The online portal will close on 21st June 2021.

Key Points to Note

• Announced by the Chancellor in the Winter Economy Plan the new payment scheme allows businesses that deferred VAT payments due between 20 March and 30 June 2020, under the VAT Payment Deferral Scheme, to join online and pay their deferred VAT by smaller consecutive monthly instalments, interest free.
• The online service opened on 23 February and closes on 21 June 2021.
• Businesses that join online by 21 June can pay their deferred VAT by up to eight instalments.

Source: HMRC