Now over 6 months later we are facing the third lockdown which could potentially take us up to 31 March deadline for repayment.
Luckily the government have released an initiative that enables the repayment of the deferred liabilities to take place through a payment plan.
The new scheme enables these payments to take place over 2-11 months interest free, but in order to qualify you must meet the following criteria;
- Still have deferred VAT to pay
- Be up to date with your VAT returns
- Opt in before the end of March 2021
- Pay the first instalment before the end of March 2021
- Be able to pay the deferred VAT by Direct Debit
If you meet all of these criteria then you will need to enrol yourself into the scheme, your tax agent or adviser cannot do this for you.
To enrol you will need a Government Gateway set up with access to your VAT, you will not need to contact HMRC directly to join the scheme.
Applications are not yet open so before this time you will need to make sure you have the Government Gateway account in place and that you have submitted all outstanding VAT returns from the last 4 years.
If you have any questions, speak with a member of Lovewell Blake who will be happy to assist.