New VAT Payment Deferral Scheme

If you were one of the many dealers who benefited from the ability to defer any VAT payments due between March and June last year, you might now be considering when to settle these liabilities.

The time limit for repayment was due to end on 31 March but a new scheme allowing further deferral has been launched.

Depending on when you join the scheme you will have the option to spread your payments over between 2 and 11 installments and this facility will be interest free.

You must pay the first installment when you join and preferably make the remaining payments by direct debit.

Applications can be made from 23 February and full details of how it will operate can be found at https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

For those of you within the VAT payment on account regime, the deferral scheme will become available to you near the end of March.

Please get in contact with ASE at michelle.malone@ase-global.com if you would like to discuss this in more detail.

Or visit our LinkedIn page for more info:https://www.linkedin.com/company/ase-plc/