Many businesses took advantage of the VAT deferral scheme and have been awaiting guidance on how to spread the repayment of the deferred amount. The scheme has now launched, so what are the key points? The government says that over 500,000 businesses used the VAT deferral scheme in 2020. Originally, the due date for deferred … Continue reading HMRC launch the Deferred VAT payment scheme
Category: Business
Making Tax Digital for income tax self-assessment (MTDfITSA) will launch in April 2023. Do you need to prepare for quarterly reporting? All individuals earning more than £10,000 business and/or property income per year are required to join MTDfITSA from April 2023. The following will not need to join: Trusts, estates, trustees of registered pension schemes … Continue reading What’s the latest on Making Tax Digital for income tax?
With just over a week to go until the filing deadline for 2019/20 tax returns, HMRC has reminded taxpayers that using its time-to-pay system is an option. What’s different about it this year? HMRC has repeatedly resisted calls to move the filing deadline for 2019/20 tax returns, despite the coronavirus pandemic. Instead, it has indicated … Continue reading Tax due? Set up time to pay online
New rules were supposed to apply to construction businesses that buy and sell services as part of a larger supply chain from October 2019. However, these were delayed twice. What’s the latest? The new reverse charge for builders is aimed at preventing “missing trader” VAT fraud in the construction industry. This is where a contractor … Continue reading No more delay to new reverse charge for builders
The third coronavirus grant claim deadline is fast approaching. If you haven’t yet applied, what do you need to do? The Self-Employment Income Support Scheme (SEISS) was initially intended to cover the two quarters to 31 October 2020, but was extended for a further two quarters due to the ongoing restrictions on businesses. The SEISS … Continue reading Just days left to claim third coronavirus business grant
This morning (5th January 2021) it's been announced that retail, hospitality and leisure businesses will be entitled to extra coronavirus support. What details are available? Although many businesses deemed “non-essential” were already closed due to being in Tier 3 or 4 areas, the Prime Minister’s announcement last night that the whole of England was being … Continue reading Covid 19: further support for “non-essential” businesses announced.
Originally, the Coronavirus Job Retention Scheme (CJRS) had been due to finish at the end of March 2021. Today it's been announced that it will be extended until the end of April. The Chancellor has today announced that the government’s support for businesses via the CJRS will stay at the current level until the end … Continue reading Furlough scheme extended again
The EU tool for checking that a VAT number is valid won't work post-Brexit. What's the alternative? As the UK leaves the EU’s VAT regime after 31 December 2020, details of UK VAT numbers will no longer be maintained under the VAT Information Exchange System (VIES). This means you will no longer be able to … Continue reading New VAT checking tool
HMRC has announced the latest changes to the advisory fuel rates for company cars. What are they and when can you apply them from? The rate you can pay employees for business mileage in their own vehicles is relatively well-known - 45p per mile for the first 10,000 miles and 25p per mile thereafter. However, … Continue reading HMRC New advisory fuel rates from 1 December
Businesses that took up HMRC’s offer to defer some or all of their VAT liability due for payment between 20 March and 30 June 2020 are to be given more time to pay. Originally, the terms of the offer required the deferred VAT to be paid in full by no later than 31 March 2021. … Continue reading HMRC launches new VAT deferral scheme