Covid-19 Government Supports News

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Below is a weekly roundup of Government supports for businesses and individuals in the UK.

Please talk to us if you need help in applying for Government support.

Pay VAT deferred due to coronavirus (COVID-19)

The guidance on how to pay VAT payments deferred between 20 March and 30 June 2020 has been updated with an added section on ‘Correcting errors on your VAT returns relating to the VAT payments deferral scheme’, including information on how to defer any extra payments resulting error corrections and HMRC VAT assessments.

If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can:

  • pay the deferred VAT in full on or before 31 March 2021.
  • opt in to the VAT deferral new payment scheme when it launches in 2021.
  • contact HMRC if you need more help to pay.

The online opt-in the process will be available in early 2021 and you must do this yourself.

Instead of paying the full amount by the end of March 2021, you can make up to 11 smaller monthly instalments, interest-free. All instalments must be paid by the end of March 2022.

The scheme will allow you to:

  • pay your deferred VAT in instalments without adding interest.
  • select the number of instalments from 2 to 11 equal monthly payments.

To use this scheme, you must:

  • still, have deferred VAT to pay.
  • be up to date with your VAT returns.
  • opt-in before the end of March 2021.
  • pay the first instalment when you opt-in

If you opt in to the scheme, you can still have time to pay arrangement for other HMRC debts and outstanding tax.

For more information, visit our website Apex Associates LLP, where you can easily find your personal tax accountant London for your business, accountants in Ilford, or you can hire us from anywhere in the United Kingdom & get the accounting services for your business or individual.

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