Although a business may have an accounting year which doesn’t end on 5 April each year, they will still be required to submit various returns to HMRC on a tax year basis. Compliance is now an extremely important aspect of any business, with deadlines, fines and indeed penalties being applied where dates are missed, or…
For many working in the tax industry the 6 April is a time of celebration, of course it is not a matter of grooving the night before and counting down the clock, however it heralds the opportunities provided by the newly introduced tax legislation. At the same time there is also the reflection of what…
A Spring statement isn’t a budget, but this Spring statement felt like a mini budget in terms of the immediate announcements that will come into effect and also those that will be happening in a few months’ time. Spring Statement 2022 What has been in the Chancellor’s favour has been the strength of the UK…
In what was seen my many as a Budget lacking in ideas to kick start the economy back into life, Rishi Sunak’s announcement of a notional 30% uplift to eligible capital allowances headlined as the proverbial ‘rabbit out of the hat’. The tweaked allowances will give businesses purchasing brand new plant and machinery more tax…
If, due to Coronavirus, your business deferred VAT payments due between 20 March and 30 June 2020 and you still have payments to make, you can: pay the deferred VAT in full, on or before 31 March 2021, join the VAT deferral new payment scheme – the online service is open between 23 February and…
In response to the continuing Coronavirus health emergency, the Government has extended the period during which the reduced rate of VAT will apply to the hospitality and tourism industries. The reduced rate of VAT, which came into force on 15 July 2020, will continue to apply until 31 March 2021. As a result, VAT at…
UK businesses can only use the EU VAT Refund System until 11 pm on 31 March 2021. This means that claims for a refund of VAT incurred in other EU Member States for the year ended 31 December 2020 must be submitted by then. Prior to Brexit the deadline was 30 September following the end…
To be eligible to claim for the third Self-Employment Income Support Scheme (SEISS) grant you must either: be trading and impacted by reduced demand due to coronavirus, or have been trading but are temporarily unable to do so due to coronavirus. To help businesses understand whether they are eligible for the 3rd SEISS…
On 24 September 2020 the Chancellor announced and extension to scheme allowing for the deferment of VAT for businesses affected by coronavirus. Businesses that took advantage of the arrangements to defer VAT payments due between 20 March and 30 June 2020 until 31 March 2021, will have the option to pay the outstanding amounts in…
From 3 to 31 August 2020 businesses that offer a discount under the The Eat Out to Help Out Scheme are able to claim the discounted amount back from the Government. Whilst on the face of it you might expect VAT only to be payable on the discounted amount, in-fact VAT is payable…