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One of the COVID19 relief schemes in 2020 was the 'VAT Payments Deferral Scheme'. This automatically deferred any VAT liabilities from VAT quarters falling due between 20 March 2020 and 30 June 2020. Any amounts due between these dates were given a deferral until 31 March 2021.
If you haven’t yet paid these outstanding liabilities, don't worry – all is not lost!
With these three options, you may still be able to avoid the 5% penalty or interest.
Since the introduction of MTD for VAT a ‘soft landing period’ has been in place, allowing businesses time to get their systems digitally-linked to comply with the full MTD for VAT requirements. This period enabled businesses to use ‘cut/copy and paste’ methods to move data from one system to another before filing to HMRC. From 1 April 2021, this will no longer be permitted. However, there is no need to panic. It is likely you already have everything you need to continue being compliant, or some simple adjustments could be all that’s required.
Recently, HM Revenue and Customs shared news of changes to its IT infrastructure, involving the migration of VAT Customer Accounts to a new system. Following this migration, HMRC will decommission the current XML submission service from 8 April 2021.
The latest government announcement regarding a new national lockdown from Thursday 5 November until at least 2 December mean more changes to the available support schemes.
The Chancellor Rishi Sunak announced the Winter Economy Plan on the 24th September. However, giving the ever-changing circumstances facing the country, the support offered to businesses is already being expanded.