If you deferred VAT payments last summer, they will fall due for payment by the end of this month.
You have the option to spread any remaining balance over 11 instalments, interest free, ending 31st January 2022. To do this, you need to join the VAT deferral payment scheme. You need your own Government Gateway account to apply for the scheme.
Alternatively, call HMRC on 0800 024 1222 if you need extra help to pay.
If you don't formally join the scheme then interest will be applied and potentially penalties, if you haven't paid any remaining balances by the end of March 2021.
You may be charged interest or a penalty if you do not:
- pay the deferred VAT in full by 31 March 2021
- opt into the new payment scheme by 21 June 2021
- agree extra help to pay with HMRC by 30 June 2021
By Michelle - The Accounticorn on 17/03/2021 12:00:00