Don’t make these SATR mistakes!
What is every accountant’s favourite date?…
14th January 2021It’s rare we actually use HMRC’s words verbatim, but we thought it would be useful to share the update from last week on when deferred VAT needs to be paid:
If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can:
You can pay your deferred VAT in full by 31 March 2021. You do not need to contact HMRC.
You cannot opt in yet. The online opt in process will be available in early 2021. You must opt in yourself, your agent cannot do this for you.
Instead of paying the full amount by the end of March 2021, you can make up to 11 smaller monthly instalments, interest free. All instalments must be paid by the end of March 2022.
The scheme will allow you to:
To use this scheme you must:
If you opt in to the scheme, you can still have a time to pay arrangement for other HMRC debts and outstanding tax.
Get ready to opt in to the new payment scheme
Before opting in you must:
You should also:
If you are still unable to pay and need more time, contact HMRC to arrange a Time To Pay.
If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant