New VAT Deferral Scheme

HMRC has announced details of a new scheme that allows businesses who deferred their VAT payments between March and June 2020 to repay the money owed in up to 11 equal consecutive monthly instalments. Businesses need to opt-in to the VAT Deferral New Payment Scheme which opened online on 23 February and closes on 21 June. Over half a million businesses deferred their VAT payments last year.

All details are correct at the time of writing (11 March 2021)