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HMRC’s VAT deferral online payment scheme will be open from 23 February to 21 June 2021. Businesses on the VAT annual accounting scheme or the VAT payment on account scheme will be invited to join the new service in March 2021.
The scheme allows businesses to pay the deferred VAT in interest free equal instalments, varying from two to 11 depending on when they join. The month in which a business decides to enter the scheme will determine the maximum number of instalments available to it. If it joins in March, it will be able to pay the deferred VAT in 11 instalments or fewer.
Agents are not able to sign up to the scheme on behalf of clients.
Businesses may still choose to pay the deferred VAT in full by 31 March, in which case they do not need to contact HMRC.
