With only a few days to go, businesses are advised to apply to repay the outstanding balance in instalments as soon as possible to avoid a large lump sum payment arising.
The maximum number of available instalments now remaining are eight, with the first payment collected within 7 days of applying. Choosing the 28th of the month on the options menu will permit the longest delay in repaying, with the next payment due 28 July.
Should you have any difficulties accessing the portal you are advised to contact HMRC promptly. The extension scheme is open to taxpayers with a good compliance record and whose VAT returns are up to date, so if any remain outstanding these should be filed prior to application.
Where the extension scheme is still not sufficient for the business, then it may be possible to agree a longer time to pay with HMRC, but this must be done before 30 June.
Apply here for the scheme.
VAT Assistant Manager
FOR GENERAL INFORMATION ONLY. The information provided in this article is for general information only and does not constitute any specific advice or guidance. Whilst every care has been taken in the preparation of this article, it may contain errors and/or omissions. Always seek professional advice before taking any action. Last updated July 2021.