Following the Chancellor’s announcement last week we are now in a position to provide a little more detail on the extended VAT deferral that he announced.
Businesses which chose not to pay their VAT due for payment in the period 20th March 2020 to 30th June 2020 originally had to repay this by 31st March 2021.
Businesses can now opt to pay this over 11, interest-free, instalments in the 2021-22 tax year – we assume May 2021 to March 2022.
This scheme is open to all businesses who qualified to defer their VAT originally, but, unlike the original scheme, businesses will have to opt-in – further details to follow when we have them.
As always if you have any queries in regards to the above please do not hesitate to get in touch.
Telephone Number: 01392 360008