New Forest

10/02/2021

VAT Deferral Extended

Businesses that deferred their VAT payments due between 20 March and 30 June 2020 or still have payments have a few options to choose from if they still require a deferral:

  • Pay the deferred VAT in full on or before 31 March 2021
  • Join the VAT deferral new payment scheme – open between 23 February and 21 June 2021
  • Contact HMRC on 0800 024 1222 by 30 June if additional help to pay is required

If businesses have not chosen one of the above options, action is required now as they may be charged interest or penalties.

To join the new VAT deferral scheme, visit the Government website.

For anyone on the VAT Annual Accounting Scheme or the VAT Payment on Account Scheme, they will be invited to join the new payment scheme later in March 2021.

For further information on the deferral scheme, please contact Alan Rolfe on 023 8046 1235.

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The 130% super-deduction for equipment runs for one more year for companies that invest in new plant and machinery when the expenditure is incurred between 1 April 2021 and 31 March 2023.

Click the link to read more 👉 https://bit.ly/3lnq7B8

If you need help with submitting forms P11D and P11D(b) online, HMRC have a free webinar about how to send the forms using HMRC's PAYE online service.

Click the link to register and watch the recorded webinar 👉 https://bit.ly/3yH1fw4

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