VAT Deferral New Payment Scheme – closing 21st June
Businesses that deferred VAT payments due between March 2020 and June 2020 have been able to join the VAT deferral new payment scheme since 23rd February 2021, enabling them to set up an instalment plan for what is owed. This scheme will close in less than 2 weeks, on 21st June 2021.
The new scheme lets you:
– pay your deferred VAT in equal instalments, interest free
– choose the number of instalments, from 2 to 11 (depending on when you join)
Beesley’s are currently working on a few cases where instalment plan applications have been submitted, however, we are yet to see how HMRC will respond.
As we have seen with CBILS and BBLS, the packages of financial support introduced to help businesses through the pandemic are now phasing out. Many businesses, although some experiencing somewhat of a bounce back, are still not seeing trading back to pre-COVID levels and deferred VAT repayments may be an overhead they simply cannot afford.
If you are a professional adviser seeking peace of mind for your clients or a director or major stakeholder and are concerned about the financial challenges you are facing this year, we are here to help. Contact us for advice and support:
North office: 01625 544 795
South office: 01442 233 123
East Mids office: 01246 224 399