VAT

New VAT deferral payment scheme announced

By RJP LLP

New VAT deferral payment scheme announced

One aspect of the Chancellor’s Winter Economy Plan that has not been postponed is the VAT deferral scheme. According to this, if your business deferred VAT between 20 March and 30 June 2020 and still has payments to make, you can opt to pay off the deferred VAT in instalments.

Businesses can choose between 2 and 11 monthly instalments payable by 31 March 2022. This deferment scheme is available interest-free and payments should be made via Direct Debit.

Here are further details of the VAT deferral payment scheme, which have recently been released:

The online opt in process will become available from early 2021;
Businesses will need to opt in directly with a Government Gateway account – accountants and tax advisers are not able to do so on their client’s behalf.

If you need any support preparing for the scheme, RJP can assist you. We will notify you when further details are announced.

Please get in touch with any queries, or to discuss any other VAT issues with us, by emailing partners@rjp.co.uk.

How to get onboard with RJP

Talk to us

Have an initial discussion with a member of the RJP team to identify ways we can enhance your business's growth with our comprehensive support and strategic advice.

Hassle-free migration

Choose RJP and we'll smoothly manage all transitions, handling paperwork, coordinating with your current accountant, and ensuring no deadlines are missed for a worry-free experience.

A pathway to growth

Finally, we will send you the required documents to sign and return, leaving you to continue leading your business, backed by our abundant, responsive advice and support.

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FAQs

At RJP, we understand that keeping a finger on the pulse of your business's health is crucial. That's why we offer management reporting services—think of them as a regular health check for your company. These insights show you the real-time performance of your business, helping you make informed decisions to nurture and grow your enterprise.

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Absolutely! There's a world of opportunity out there to support your business financially, and we're well-equipped to be your guide. We can help you understand and access HMRC’s tax relief schemes that are relevant to you and your business, making sure you're not missing out on any potential benefits.

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