Contractors and subcontractors registered for VAT and the Construction Industry Scheme will need to use the VAT reverse charge process for building and construction services from 1 March 2021. VAT registered subcontractors affected by this change will no longer add VAT to their invoices to…
At first sight, company cars drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. When the current tax year ends, 5 April 2021,…
If you took advantage of the offer to defer VAT payments falling due between 20 March 2020 and 30 June 2020 – to help out with the impact of COVID disruption – you now have three choices. You can: Pay the deferred VAT in full…
Almost 25,000 Self-Assessment customers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments, totalling £69.1 million, HMRC revealed recently. In October, HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000 for…
From the beginning of this month, the Brexit transition period has ended. Negotiations to secure a trade agreement between the UK and the EU from 1 January 2021, have completed and we have a deal. Readers who import or export goods from or to the…
We already have more than our fair share of adversity to deal with at present, don’t let criminals add to your woes by defrauding you of hard-earned cash resources. HMRC has recently published a warning to taxpayers about scammers posing as HMRC employees. They said:…
The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2020 can have real…
In just three short months the present tax year – 2020-21 – will end midnight, 5th April 2021. The UK’s tax code is predominantly time-limited. Any reliefs and exemptions from UK taxes for 2020-21 will mostly expire at the end of the tax year. Accordingly,…
Most employers who are eligible will be aware that the furlough scheme (the Coronavirus Job Retention Scheme) has been extended for five months – from 1 November 2020 to 31 March 2021. The general terms for the first quarter to 31 January 2021 are: Maximum…
Brits will be able to get cashback from shops without needing to buy anything under new proposals to protect the UK’s cash system, which were announced on 15 October 2020. Under the government proposals, cashback without a purchase could be widely available from retailers of…