New move to ease VAT repayments

Peterborough businesses that deferred VAT payments last year are being urged to join a new scheme to ease repayment.

The HMRC has announced that firms can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments.

To take advantage of the scheme businesses will need to have deferred VAT payments between March and June 2020 and will now be given the option to pay the deferred VAT in equal consecutive monthly instalments from March 2021. Businesses will need to opt-in to the VAT Deferral New Payment Scheme and can do this through the online service, which closes on June 21. Jesse Norman, Financial Secretary to the Treasury, said: “We have provided a package of support worth over £280bn during the pandemic to 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.”

It is reckoned that 500,000 business deferred their VAT payment last year.

What an amazing story about the two 4,000-yearold beetles found in a field near Peterborough. They were discovered more than 30 years ago but only now have scientists solved the mystery of the beetles which experts previously thought had never existed in this country.

The boffins are very excited about the secrets the bugs will reveal .

I will be too, as long as they’ve nicknamed them John and Paul.