More time to pay deferred VAT

HourglassAny businesses who has taken advantage of the VAT deferral earlier this year have been given the option to make smaller monthly payments instead of paying off in one go.

Choosing this option would result in making 11 equal instalments between April 2021 and March 2022 without being charged interest.

The payment that can be spread is for VAT that was due for VAT periods ending between March to June 2020. The government first announced this deferral in March 2020 and had told us that payment would be due by 31 March 2021. The winter statement gives businesses an extra year to pay this bill off in full.

For more information please see the Government’s Winter Economy Plan

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on whatsapp

Other Insights

VAT on hospitality and setting your prices

The reduced VAT rate of 5% for the hospitality industry is due to end on 30 September 2021. It’s time for businesses to consider how this will impact their trade.

To prepare, we recommend that our clients: review their prices; prepare till systems for the change; save for their VAT bill; constantly monitor their business’ performance.

Read More »

Electric cars can save you tax

Imagine being stood in the car show room, wondering whether you should buy an electric car. You are busy considering which model will suit you best and the sales team start telling you about the many benefits of buying through the company.

Read More »

Super-deduction

You will be able to claim a deduction from your corporation tax bill if you invest in new productivity enhancing plant and machinery. The expenditure

Read More »

This website uses cookies to ensure you get the best experience on our website.