Government VAT Deferral New Payment Scheme Opens
Businesses that deferred VAT payments between March and June last year, under the VAT Payment Deferral Scheme, can now sign up to join the new scheme, allowing for 11 smaller payments or fewer depending upon when you join.
Businesses will need to opt into the scheme which opens 23rd February 2020. 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.’’
The new payment scheme is part of a wider government package of support, worth more than £280 billion, which is helping to protect millions of jobs and businesses. So far, around £34 billion has been injected into the UK economy following the half a million businesses that deferred their VAT payment last year.
IM bookkeepers Partners with Hungarian Customs Association
Ildiko Moran, director of IM Bookkeepers, has announced that the company have partnered with Hungarian Customs Association as their first international partner. The company specialises in providing services to Hungarian organisations wanting to set up in the UK.
IM Bookkeeping are now able to offer their members advice both in accounting and customs clearance compliance and help them in the registration process for UK EORI and / or VAT registration.
The Hungarian Customs Association commenting on the new partnership said:
“Brexit has had a very positive and interesting impact on the life of our organization, as with the acquisition of Preston-based I M Bookkeeping Ltd., our membership has become international, which is another development milestone in the life of the Hungarian Customs Association.
The accession of our new member to the professional community is an important support for domestic contributors as well, as the practical application of the new EU-UK free trade agreement, the performance of customs administration tasks (e.g. British EORI registration), later participation in customs clearance and import with regard to tax advice related to export transactions, the cooperating partner, which is also available in Hungarian, is very useful”
