Businesses that failed to service deferred VAT slapped with fines Businesses that failed to repay or make an arrangement to service their deferred VAT payments are now being issued a 5 per cent penalty or interest. According to the HMRC, over half a million businesses deferred VAT payments between 20 March and 30 June 2020, […]
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Just one month till deadline to join VAT Deferral New Payment Scheme HM Revenue and Customs is calling on businesses to act now to join the VAT Deferral New Payment Scheme, with just one month to go before the online portal closes on 21 June 2021. It has already proved a popular resource for businesses
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HMRC explains new penalty regime and VAT deferral scheme deadline Santhie Goundar reports on the upcoming new penalty regime for VAT and income tax, and the closure of the VAT deferral New Payment Scheme next month. HMRC held sessions at the Accountex Virtual Summit on 12–13 May, explaining how its new penalty regime (coming into
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Covid-19: Guidance on paying deferred VAT updated HMRC have updated their guidance on paying deferred VAT to reflect that businesses wishing to use the new payment scheme need to opt in by the end of March 2021. View the updated guidance at https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
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