VAT

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MTD for Income Tax delayed until April 2024, HMRC confirms

Sep 27, 2021

Making Tax Digital (MTD) for Income Tax will be delayed until April 2024, the Government has confirmed. It means self-employed business owners and landlords will have one more year to prepare for the digitalisation of Self Assessment. According to HM Revenue & ...

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Hospitality (4)

Budget 2021: Hospitality businesses call for extended VAT cut

Feb 22, 2021

Due to the prolonged impact of coronavirus on the hospitality industry, firms within this sector urge Chancellor Rishi Sunak to extend the VAT reductions for a year in the Budget. In 2020, the VAT reduction went from 20 per cent to ...

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Export (4)

EU exports halt as UK firms encounter extra charges

Jan 25, 2021

Due to the new trade rules that came into effect on 1 January 2021, many UK businesses, who export to the EU, have been hit by extra charges, taxes and paperwork. Some have stopped exports to the EU as a ...

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Self assessment tax return

Time to Pay threshold increased to £30,000

Oct 02, 2020

From this week, Self Assessment customers affected by Covid-19 can apply online to spread the cost of their tax bill into affordable monthly payments. The amount of tax liabilities which can be spread out has also been increased from £10,000 to ...

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MTD

HMRC: Making Tax Digital to be extended to all VAT-registered businesses from 2022

Aug 06, 2020

HM Revenue & Customs (HMRC) has confirmed that Making Tax Digital (MTD) will be extended to all VAT-registered businesses from April 2022. The change forms part of the Government’s digital tax drive, which will eventually see all kinds of tax reported ...

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Self Employed

Self-assessment taxpayers can “automatically defer payments on account”, HMRC confirms

Jul 20, 2020

Self-employed taxpayers due to make a payment on account can automatically defer the payment until 31 January 2021, it has been confirmed. The second Self Assessment payment on account for the tax year 2019/20 is usually due at the end of ...

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Tax

“Tax gap” falls to lowest level on record

Jul 14, 2020

The “tax gap” – the difference between what should be paid and what is actually paid – has fallen to its lowest recorded rate, new figures have revealed. HM Revenue & Customs (HMRC) said the record is a collaborative result of ...

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Car

Can I save money by leasing a car through my company?

Jun 29, 2020

Is it cheaper to lease a car through a limited company? It’s a question we’re often asked, but the answer isn’t quite so straightforward. Leasing a vehicle in any shape or form can save you money and improve cash flow by ...

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VAT 3

Zero-rate of VAT applied to sales of PPE from today

May 01, 2020

The tax on personal protective equipment purchased by care homes, businesses, charities and individuals will be cut from today, it has been announced. According to HM Treasury, PPE, such as face masks and gowns, will be zero-rated for VAT from 01 ...

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VAT

Businesses who defer VAT payments should continue to file returns as usual, says HMRC

Apr 28, 2020

Businesses who have deferred VAT payments until the end of June 2020 should continue to file Making Tax Digital (MTD) returns as normal, the regulator has confirmed. The guidance comes after the Government announced that all businesses severely affected by Covid-19 ...

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