VAT Reverse charge starts March 2021
From 1 March 2021 the domestic VAT reverse charge must be used for most supplies of building and construction services. The charge will apply to both standard and reduced-rate VAT services: for individuals or businesses who are registered for VAT in the UK reported within the Construction Industry Scheme What is reverse charge for VAT? […]
Record number of people miss UK self-assessment tax filing deadline
A record number of 1.8 million people have missed the deadline to submit their UK personal tax return, a figure that is almost double last year’s total and the highest in the system’s 24-year history. This just goes to show the devastating impact which 2020 and the coronavirus pandemic has had on all aspects of […]
IR35 – Important Changes From 6 April 2021
What is IR35? IR35 is a tax anti-avoidance rule designed to combat “disguised employment” in situations where an individual contractor is providing their personal services (i.e. their labour) to an end-user via their own intermediary, such as a personal services company or partnership (PSC) for tax benefits. Under current (i.e. pre-April 2021) IR35 rules, the […]
Supreme Court Tells Insurance Companies To Pay Claims Over Covid
Thousands of businesses are to receive payouts for losses from the covid-19 pandemic after the Supreme court has set out when insurance claims should be paid. The Supreme court has upheld the arguments that have been made by the financial regulator and dismissed those of the insurance industry. The result of this will be millions […]
How to defer payment of the March, May & June 2020 VAT returns
If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can: pay the deferred VAT in full on or before 31 March 2021 opt in to the VAT deferral new payment scheme when it launches in 2021 contact HMRC if you need more help to pay […]
No Fine If Covid Makes You Miss Your Tax Return Deadline
You will no longer be fined for filing your tax return late if your business has been affected by coronavirus. These new rules will benefit millions of workers and will alleviate some pressure off many individuals. Those affected businesses that will not be able to file their tax returns by 31 January will be able […]
Check to see if simplified expenses could save money for your business
If you are a sole trader or partnership, there are 2 ways that you can calculate business expenses for vehicles, working from home and living on your business premises. You can use simplified expenses or calculate your expenses by working out their actual cost. *Please note that simplified expenses cannot be used by limited […]
The Tampon Tax Has Been Abolished Within The UK
After a lot of dispute over recent years, the ‘tampon tax’ has been abolished. As a result, a zero rate of VAT now applies to women’s sanitary products as of 1 January 2021. This comes as part of the governments action to end Period Poverty which includes the roll out of free sanitary products in […]
The Chancellor announces £4.6 billion in new lockdown grants to support businesses and protect jobs.
Following news last night (4 January) that the UK will be placed in another national lockdown, the government have announced that they will be offering new lockdown grants to support businesses and protect jobs over the coming months. Businesses across the country in the leisure, retail and hospitality industries have been forced to close […]
Are You & Your Business Ready For Brexit?
The UK has left the EU and there are now only 10 days remaining before we will be forced to face new rules for business with the EU. Additionally, we will also be forced to face a range of different protocols, especially when planning to travel abroad. These may include renewing your passport, taking out […]
