Companies owe HMRC £2.7bn in deferred VAT

More than one in four businesses that deferred tax payments during the initial lockdown last year still owe the HMRC.

A total of 156,500 out of 590,000 businesses that utilised the Government’s VAT deferral between March and June have failed to make contact with HMRC to pay what they owe, even though the deadline to repay it or arrange a repayment plan passed on 30th June.

Figures released by HMRC in response to a freedom of information request have revealed that the amount of tax owed is £2.7 billion, nine per cent of the total of VAT that was deferred, while £17.8 billion has already been paid and £13 billion is due through monthly instalments.

Source Credit-connect

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