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U.K. Companies Must Hurry to Use Tax Debt Installment Program

Feb. 23, 2021, 2:15 PM

The U.K. tax office says companies should hurry if they wish to spread deferred value-added tax debt repayments over more months.

The VAT Deferral New Payment Scheme, officially launched Tuesday, allows companies to repay taxes they had deferred over 2021 in installments rather than in one lump-sum payment.

  • After the U.K. government launched its lockdown measures in 2020, it allowed many businesses to defer VAT payments due between March and June 2020 until March 2021. The government estimates the deferred amount at 34 billion pounds ($48 billion).
  • Under the scheme, companies can spread out payments between...

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