VAT deferral payment scheme deadline 21 June 2021

20th May 2021

One of the ways government helped businesses in 2020 was to allow them to defer paying VAT liabilities due between March and June that year. Those taking advantage of this had until 31 March 2021 to pay. In September 2020, the Chancellor announced the VAT deferral payment scheme. Instead of paying in full by 31 March 2021, businesses could make 11 equal instalments and no interest or penalties would be applied. All other VAT returns and payments must still be dealt with on time.

 

Businesses can choose the number of instalments, up to 11, as long as all the VAT is repaid by 31 March 2022. Instalments are collected by Direct Debit.

 

The deadline for signing up to the scheme is now approaching. You can apply online by 21 June or by phoning HMRC on 0800 024 1222 by 30 June 2021 if you need extra help to pay.

Other items in Blogs
James Cater
7th December 2021 Sustainable farming incentive

It is premature to shout from the rooftops “The King is dead. Long live the King” but nevertheless the Single Farm Payment regime is in terminal decline and we begin to see the future in the form of the Sustainable Farming Incentive. Following trials this new scheme will be launched in 2022 with a 10…

Elizabeth Prior
6th December 2021 How to set up a bank account in Xero

One of the first things you will need to do when starting to use Xero is to connect your bank accounts, this is a relatively simple step by step process.   Step 1: Go to the accounting menu on the top blue ribbon bar and select bank accounts.   Step 2: Click add bank account…

Vanessa Pearson
2nd December 2021 Tax exemption of Christmas parties/gifts

Businesses may be hoping they can hold their annual Christmas parties this month. Providing the event is annual, open to all employees and the total cost, including VAT, is less than £150 per person (including non employee guest attendees), this will be a non-taxable benefit in kind (ie free of PAYE tax and National Insurance…

Ian Piper
1st December 2021 COVID: Business interruption insurance claims?

Those businesses with comprehensive commercial insurance cover will possibly be covered for ‘business interruption’. This cover will typically include costs/losses arising from events that close or severely disrupt operations. The COVID pandemic has already led to many claims under this. The insurance industry (as you might expect?) has warned that few policies are likely to…

Richard Alecock
30th November 2021 Self Assessment Deadline: Just 2m to go

There are now only 2 calendar months before the tax return filing deadline of 31 January 2022. Do not delay – file it today!   If you are not sure if you need to file a tax return, did you…   Work for yourself between 6 April 2020 and 5 April 2021? Become a Company…

Elizabeth Prior
26th November 2021 XERO: User roles and permissions

For businesses that require staff to have access to their Xero but do not want their employees to be able to view all details of their business there are different permissions and roles you can allocate to different users.   Roles Adviser- This role is the highest role you can give someone; therefore, it includes…