Steep penalties will be issued to those businesses not meeting overdue VAT payments or those who do not get in touch to arrange repayment plans now the deferred payment deadline has passed.
WARNING: New powers issued to HMRC mean that Directors and members of businesses will be personally liable for debts, thus posing a huge risk to SME owners.
When introduced at the start of the pandemic, 590,000 of businesses took advantage of the VAT deferral scheme, yet only 156,500 have contacted HMRC to arrange repayment programmes. Whilst £17.8bn has been repaid, £13bn still remains liable through monthly instalments. HMRC is upping its ante and about to hit businesses hard!