HMRC have opened applications to join the new payment scheme from today.
The new scheme allows businesses to spread the VAT deferred from 2020 in equal, interest free, installments over 2 – 11 months depending on when the business joins the scheme and how many months they choose. As an example, joining the scheme now would allow the business the full 11 months to repay, whereas joining between 19 March and 21 April 2021 would only allow a maximum of 10 months and this reduces each month thereafter. The latest businesses can join is June 2021.
To join the scheme you will need to follow the link here. Unfortuantely HMRC have chosen not to allow accountants or advisers to do this for you, however, we can assist with any questions that you may have but ultimately the business will have to make the application with their own government gateway ID.
Please get in touch if you have any questions.