• If you deferred VAT payments that were due between 20‌‌‌‌‌‌ March and 30‌‌‌ June 2020, then these payments technically need to be made to HMRC by 3‌‌‌1‌‌‌ March 2021.
  • In recent weeks, the Chancellor has confirmed the following arrangements to deal with payment of the deferred sums:
    • You can make payments as normal by 3‌‌‌1‌‌‌ March 2021
  • You can use the VAT Deferral New Payment Schemethis entitles you to spread the payments due under the VAT Deferral Scheme over equal instalments up to 31‌‌‌ March‌‌‌2022.
  • Alternatively, you can seek to make Time To Pay arrangements with HMRC if you need more tailored support.
  • More information on the VAT Deferral New Payment Scheme will be available on GOV.‌‌‌UK in the coming months; in the meantime please keep a watchful eye on your cashflow and build an awareness of what Scheme may be best for your business over the coming months.
  • Should you require any additional advice, please do not hesitate to contact one of the Partners or Jo Travis.

Barrons has put together a helpful guide to running your business during the coronavirus crisis.