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For those of you who were facing difficulties because of COVID-19 and chose to defer your tax repayments, Rishi Sunak has continued to make things a little bit easier for you. Below is just a short reminder of last week’s announcement, which we hope you find useful.

On 24th September, the Chancellor announced that businesses who deferred VAT due from 20 March to 30 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, completely interest free.

IMPORTANT: You will however need to opt-in to the scheme, and for those who do, this means that your VAT liabilities due between 20 March and 30 June 2020 do not need to be paid in full until the end of March 2022.

Those that can pay their deferred VAT can choose to do so by 31 March 2021.

What if I still can’t pay my VAT?

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 us by phoning: 0300 200 3835. For more information please click here.

If, however you would like to get some one-to-one advice, support or guidance please do pick up the phone and have a chat with our team. Call us on 01993 225030 or email hello@modus-accountants.co.uk