Update on Deferred VAT Payments
14 October 2020
On 24th September 2020, the Chancellor announced that businesses who deferred VAT due from 20th March to 30th June 2020 will now have the option to pay in smaller payments over a longer period.
Instead of paying the full amount by the end of March 2021, you can make smaller payments up to the end of March 2022, interest free.
You will need to opt-in to the scheme and, for those who do, this means that your VAT liabilities due between 20th March and 30th June 2020 do not need to be paid in full until the end of March 2022. More details on this opt-in scheme will be available in the coming months.
Those that can pay their deferred VAT can to do so by 31st March 2021.
If you are still unable to pay the VAT due and need more time, see the guidance about what to do if you cannot pay your tax bill on time you can also contact HMRC to discuss payment options by phoning: 0300 200 3835.
For advice and information on other support available in Northern Ireland use the Coronavirus: Support for businesses in Northern Ireland guide.