VAT
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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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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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-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 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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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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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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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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Deferring VAT – HMRC confirms businesses should cancel VAT direct debits
Mar 25, 2020
Following the Government’s announcement that businesses will be able to defer VAT payments for the period from April – June, HM Revenue & Customs (HMRC) has now confirmed that businesses should cancel direct debits for VAT if they want to ...
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Everything you need to know about the construction industry scheme VAT reverse charge
Mar 02, 2020
HM Revenue & Customs (HMRC) announced a 12-month deferral on the domestic reverse charge last year, which will now apply to construction services from 1 October 2020. The reverse charge legislation will place responsibility on the contractor to account for the ...
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