We bring you the latest news from Government, the legislation you need to know, and what’s going on in the wider GCMA world…
This week: The Roadmap to freedom is published and… a new payment scheme for VAT deferrals
GOVERNMENT PUBLISHES ROAD MAP TOWARDS BUSINESS AS USUAL
We know golf in England can now resume on March 29, but that news was part of a much wider Roadmap announced by Prime Minister, Boris Johnson, and published by the Government on Monday.
The four-stage plan begins on March 8, with schools returning, and follows over the next four months with Covid restrictions loosening at each stage on ‘no earlier than’ dates – depending on the latest information about the pandemic in the country.
All the information on what is permissible, in the document Covid-19 Response – Spring 2021, can be found here.
VAT Deferral New Payment Scheme – online service opens
Businesses that deferred VAT payments last year can now join the new scheme to pay it in smaller monthly instalments.
HMRC say that, to take advantage, firms will need to have deferred payments between March and June 2020 under the VAT Payment Deferral Scheme.
They will now be given the option to pay in equal consecutive monthly instalments from March. Government say businesses will need to opt in to the VAT Deferral New Payment Scheme and this can be done online via a service that is open until June 21.
Jesse Norman, Financial Secretary to the Treasury, said: “The government has provided a package of support worth over £280 billion during the pandemic to help protect millions of jobs and businesses.
“This now includes the VAT Deferral New Payment Scheme, which will help provide businesses with the breathing space they may need to manage their cashflows in the weeks and months ahead.”
Businesses can spread payments with two to 11 equal monthly instalments, interest free. The Treasury say the earlier businesses opt-in, the more instalments are available to help spread the cost and provide further support.
For more details, and to find out how to opt-in, click here.