Time to pay the deferred VAT payment...

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Cast your mind back to this time last year, the start of lock down, and you may recall Rishi Sunak announcing that VAT payments due between 20th March 2020 and 30th June 2020 could be deferred.

Well the time has come to think about paying those back.

Since the country is still in turmoil. businesses have two options to clear their VAT debt:

Option 1:

  • pay the deferred VAT in full, on or before 31st March 2021

Option 2:

  • join the VAT deferral scheme before 21st June 2021 to spread your bill over a number of monthly payments (between 2 & 11 depending on when you opt in)

Don’t bury your head in the sand, make sure you decide which option you’ll be going for and act on it.