In a recent development, HM Revenue & Customs (HMRC) has introduced a convenient online platform for certain businesses to set up their VAT payment plans. Effective 31 May 2023, VAT-registered businesses with a VAT debt of £20,000 or less can take advantage of this new service. These payment plans, commonly referred to as time-to-pay agreements, offer greater flexibility and ease of management.
To be eligible for the online VAT time to pay, payment plan, a business must meet the following criteria:
Filed the most recent VAT return.
Owes £20,000 or less in VAT.
Within 28 days of the payment deadline.
Does not have any outstanding payment plans or debts with HMRC.
Intends to clear the debt within the next six months.
Please note that some businesses are not eligible for the online service. This includes those utilising the VAT cash accounting or annual accounting schemes, as well as those making VAT payments on account. If your business falls into these categories, it is necessary to contact HMRC directly to discuss and arrange a suitable payment plan.
With this new self-serve time-to-pay service, VAT-registered businesses meeting the eligibility criteria can conveniently set up and manage their VAT payment plans online. This digital solution streamlines the process, making it more efficient for businesses to meet their VAT obligations while maintaining financial stability.
It is worth noting that staying informed and compliant with VAT requirements is crucial for all businesses, and taking advantage of this new online service is a step towards ensuring a smoother VAT payment process.
How can Stones Accountancy assist me with VAT accounting?
Stones Accountancy specialises in VAT accounting services, offering expert guidance and support to businesses of all sizes. We have a team of experienced professionals who can help you navigate the complexities of VAT regulations, ensuring accurate record-keeping, timely submissions, and compliance with HMRC requirements.
What are the benefits of using Stones Accountancy for VAT accounting?
By choosing Stones Accountancy for your VAT accounting needs, you can enjoy several benefits. Our services provide peace of mind, ensuring that your VAT returns are filed correctly and on time. We offer personalised assistance tailored to your business requirements, saving you time and effort. Additionally, our expertise can help you optimize VAT planning, identify potential savings, and minimize the risk of penalties or errors.
Can I switch to Stones Accountancy for VAT accounting if I already have an accountant?
Yes, absolutely! We understand that businesses may need to switch accountants for various reasons. At Stones Accountancy, we have a seamless onboarding process that makes transitioning hassle-free. Our team will work closely with you to ensure a smooth transfer of your VAT accounting responsibilities, ensuring continuity and accuracy in your financial records.
How does the online VAT payment plan work with Stones Accountancy?
As part of our comprehensive VAT accounting services, Stones Accountancy assists eligible businesses in setting up and managing their online VAT payments. We guide you through the process, ensuring that you meet the eligibility criteria and provide the necessary information. Our goal is to simplify the VAT payment process, making it more convenient and efficient for you.
How can I get started with Stones Accountancy for VAT accounting?
Getting started with Stones Accountancy is simple. You can reach out to our team through our website or contact us directly to schedule a consultation. During the consultation, we will assess your specific VAT accounting needs and discuss the tailored solutions we can offer.