Many VAT registered organisations took advantage of the VAT Deferral Scheme with the government offered as the COVID 19 outbreak took hold. This deferral covered VAT liabilities due in the period from the 20 March to the 30 June 2020.
Those deferred VAT amounts will be due for payment by the 31st March 2021 and you can choose to pay this liability off in full by that date. However, HMRC have announced a further cashflow opportunity for businesses to access which will be invaluable to those in financial need. This new VAT payment scheme will need you to take action if you wish to utilize it. Effectively you will need to “opt in” to the scheme yourself – your accountant or agent cannot do this on your behalf.
Source: centurionvat.com
