UK offers phased 2021 repayment schedule for deferred VAT

5 October 2020

In September 2020, the UK tax authorities announced that businesses that deferred VAT payments as part of the special measures introduced to combat the financial impact of coronavirus can now opt to pay smaller payments over a longer period of time.

This special measure originally allowed businesses to defer any VAT amounts owed for the period of 20 March to 30 June 2020, to one lump sum that needed to be paid in full by 31 March 2021. However, the UK has now confirmed businesses can opt into a scheme that will allow them to make smaller interest-free payments up until the end of March 2022.

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