Skip to main content
Here are some excellent resources for your business

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

New VAT deferral scheme opens

23 February 2021

Over half a million businesses who deferred VAT payments last year can now pay the VAT they owe in smaller monthly instalments, thanks to a new government scheme.

The online VAT Deferral New Payment Scheme is aimed at UK businesses that deferred VAT payments between March and June 2020 under the VAT Payment Deferral Scheme and that still have payments to make. HMRC is now giving these firms the option to pay their deferred VAT in equal consecutive monthly instalments from March 2021.

Businesses also have the option to pay the deferred VAT in full, on or before 31 March 2021. Those that want to spread their payments will need to opt in to the VAT Deferral New Payment Scheme. They can do this via the online service from 23 February; this service will close on 21 June 2021.

Any business that is struggling to pay, but has not contacted HMRC by 30 June 2021, could be charged interest or a penalty. Jesse Norman, financial secretary to the Treasury, said that the scheme would give businesses "the breathing space they may need to manage their cashflows in the weeks and months ahead".

Payments can be set up via the new payment scheme portal. Businesses can spread their payments with two to 11 equal monthly instalments starting in March, April, May or June 2021, without adding interest. The earlier businesses opt in the more instalments are available to help spread the cost.

Eligible businesses that are unable to use HMRC's online services can ring the HMRC Coronavirus Helpline on 0800 024 1222 to join the scheme until 30 June 2021.

HMRC has also announced more help for self assessment taxpayers. Taxpayers will now not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April. Normally, a 5% late payment penalty is charged on any unpaid tax that is still outstanding on 3 March.

Taxpayers can either pay their tax bill or set up a monthly payment plan online. They need to do this by midnight on 1 April to avoid being charged a late payment penalty. The online Time to Pay facility allows taxpayers to spread the cost of their self assessment tax bill into monthly instalments until January 2022.

Written by Rachel Miller.

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.

Contact us

Make an enquiry