Question: I took advantage of the VAT deferral scheme back in June 2020. The payment date is 31 March 2021, but we had to close again on Christmas Eve – meaning we’re going to struggle with cash flow. Is it possible to defer the payment?
Answer: There has been no further deferral for VAT announced – though things may change between now and the end of March. However, the government did confirm that businesses who used the initial deferral scheme could opt into a payment scheme that would allow them to spread the repayment over up to eleven instalments. You can read more about this here.