Deferral of VAT payment – risk a 5% penalty
Between 20 March 2020 and 30 June 2020, there was a scheme for the deferral of payment of VAT. In total, £33.5bn has been deferred. Businesses that deferred had three options: Pay in full by 31 March 2021. Join a new payment scheme by 21 June 2021 to spread their repayments. By 30 June 2021, …