In response to the Coronavirus pandemic, the Government gave VAT-registered businesses the option to automatically defer their VAT liabilities, that would otherwise have been due between 20 March and 30 June 2020.
In respect of settling these liabilities, businesses were then given a choice; either pay what is owed in full by 31 March 2021 or join the VAT deferral new payment scheme before 21 June 2021.
If liabilities were not settled by 31 March, businesses should now take the necessary steps to pay in full by 30 June 2021, to join the payment scheme or to make contact with HMRC to confirm that they need additional help to pay.
The Government has confirmed that failure to act before this date could result in businesses being liable for a 5 per cent penalty or interest.
To learn more about the VAT deferral new payment scheme, read our previous article on the subject here. To join the scheme, click here.
How can George Hay help?
Whilst we cannot join the scheme for you, we can certainly be on hand to help you prepare, or indeed to decide whether opting into the scheme is the right thing for your business.
Our friendly team of business advisers and chartered accountants can help you to assess your current financial position and whether you have the ability to settle your liability in full.
If you’ve already decided you’d like to join the scheme, but you’re concerned about outstanding VAT returns or errors that need correcting, we can help you to ensure that all your affairs are in order to allow you to join without any problems.
To find out more about the ways in which we can support your business, wherever you’re based in the UK, contact us today.
