{"id":1904,"date":"2021-01-28T14:37:38","date_gmt":"2021-01-28T14:37:38","guid":{"rendered":"https:\/\/srcadvisory.com\/?p=1904"},"modified":"2021-01-28T14:37:39","modified_gmt":"2021-01-28T14:37:39","slug":"further-time-to-pay-extension-for-deferred-vat","status":"publish","type":"post","link":"https:\/\/srcadvisory.com\/further-time-to-pay-extension-for-deferred-vat\/","title":{"rendered":"FURTHER TIME TO PAY EXTENSION FOR DEFERRED VAT"},"content":{"rendered":"\n<p>Many\u00a0individuals and companies\u00a0took\u00a0advantage of the COVID-19 VAT payment deferral scheme which allowed them to defer VAT payments falling due between 20 March 2020 and 30 June 2020 until 31 March 2021\u00a0<\/p>\n\n\n\n<p>HMRC has recently issued guidance&nbsp;on the process of extending the deferral by a year to the end of&nbsp;January&nbsp;2022.&nbsp;<\/p>\n\n\n\n<p><strong>Key Facts<\/strong>&nbsp;<\/p>\n\n\n\n<p>If&nbsp;you&nbsp;deferred VAT between 20 March 2020 and 30 June 2020 and still have&nbsp;payments to make,&nbsp;you have&nbsp;three options:&nbsp;<\/p>\n\n\n\n<ul><li>pay the deferred VAT in full on or before 31 March 2021&nbsp;<\/li><\/ul>\n\n\n\n<ul><li>opt&nbsp;in to&nbsp;the VAT deferral new payment scheme when it launches&nbsp;soon&nbsp;<\/li><li>contact HMRC for more help to pay.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Opt<\/strong><strong>&nbsp;in to&nbsp;the VAT deferral new payment scheme<\/strong>&nbsp;<\/p>\n\n\n\n<p>Instead of paying the full amount by the end of March 2021, up to 11 smaller monthly instalments can be made, interest free. All instalments must be paid by the end of&nbsp;January&nbsp;2022.&nbsp;<\/p>\n\n\n\n<p>The scheme will allow&nbsp;you&nbsp;to:&nbsp;<\/p>\n\n\n\n<ul><li>pay deferred VAT in instalments without adding interest&nbsp;<\/li><li>select the number of instalments from 2 to 11 equal monthly payments.&nbsp;<\/li><\/ul>\n\n\n\n<p>To use this scheme,&nbsp;you&nbsp;must:&nbsp;<\/p>\n\n\n\n<ul><li>still have deferred VAT to pay&nbsp;<\/li><li>be up to date with VAT return declarations&nbsp;<\/li><li>be able to pay the deferred VAT by Direct Debit.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>How to opt in<\/strong>&nbsp;<\/p>\n\n\n\n<p>You cannot opt in yet. The online opt in process will be available in early 2021. You must opt in&nbsp;yourself,&nbsp;we&nbsp;cannot do this for you.&nbsp;<\/p>\n\n\n\n<p>To use this&nbsp;scheme,&nbsp;you must&nbsp;both&nbsp;opt in before the end of March 2021&nbsp;and&nbsp;pay the first instalment when you opt in.&nbsp;If you opt&nbsp;into&nbsp;the scheme, you can still have a time to pay arrangement for other HMRC debts and outstanding tax.&nbsp;<\/p>\n\n\n\n<p>SRC-Time are one of the South East\u2019s leading accountancy firms in advising the self-employed and partnerships in all aspects of their tax affairs and we\u00a0are able to\u00a0assist in any issue raised above.\u00a0<\/p>\n\n\n\n<p>Our expert team is available to provide you with advice and can be contacted on 01273 326 556 or you can drop us an email at info@src-time.co.uk or speak with an account manager to get any process started.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many\u00a0individuals and companies\u00a0took\u00a0advantage of the COVID-19 VAT payment deferral scheme which allowed them to defer VAT payments falling due between 20 March 2020 and 30 June 2020 until 31 March 2021\u00a0 HMRC has recently issued guidance&nbsp;on the process of extending the deferral by a year to the end of&nbsp;January&nbsp;2022.&nbsp; Key Facts&nbsp; If&nbsp;you&nbsp;deferred VAT between 20 [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":1740,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14],"tags":[22],"acf":[],"_links":{"self":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/posts\/1904"}],"collection":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/comments?post=1904"}],"version-history":[{"count":0,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/posts\/1904\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/media\/1740"}],"wp:attachment":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/media?parent=1904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/categories?post=1904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/tags?post=1904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}