Upcoming deadlines for the job retention scheme, a reminder about the next VAT deferral deadline feature this week and news of the penalty applicable for failure to further defer VAT or pay in full by 30 June 2021 feature this week.
April 2021 CJRS claims
The deadline to submit CJRS claims for periods in April 2021 is Friday 14 May 2021, unless reasonable excuse is available for late submission. Amendments to March 2021 CJRS claims must be made by Wednesday 28 April 2021.
Check if your client and their employees are eligible and work out how much they can claim using HMRC’s CJRS calculator and examples.
VAT deferral – next deadline approaches
The VAT deferral new payment scheme opened in February for businesses who deferred VAT due between 20 March 2020 and 30 June 2020 and still have payments to make, or who are unable to pay in full by 31 March 2021. This includes those on Payment on Account and Annual Accounting schemes. Businesses must apply on or before 21 June 2021 if they want to join the scheme and further defer this VAT.
The later businesses join the fewer instalments are available to them. Businesses should have joined by 19 March 2021 to benefit from the maximum number of 11 instalments. The next deadline to apply by is Wednesday 21 April 2021 to benefit from making the payment over 10 instalments.
Failure to make payment of the deferred VAT in full or to make an arrangement to pay by 30 June 2021 may result in a 5 percent penalty, according to a recent update to the guidance.
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