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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…

If you use the rural business software KEYPrime from Landmark Systems, look out for the new version of the software 9.5. What are some of the new features?   Batch Entry – A faster way to enter data New and improved – Diary function Store Web links to documentation (View documents saved to Auto-entry, Receipt…

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

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…

Earlier this month HMRC published their consultation and plans for Making Tax Digital for corporation tax (MTD for CT).   HMRC have proposed the main elements of the scheme to be:-   All entities within the charge of corporation tax will need to maintain their records digitally; Those entities should use MTD compliant software to…

It seems that HMRC have heard about our disappointment with Christmas parties being cancelled this year…   The Employment Income Manual EIM21690 has been updated to incorporate the news that virtual events can be included when considering the £150 per person benefit in kind exemption for annual functions.   The event should be an annual…

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

The Brexit transition period ends on 31 December 2020.   There will be significant changes to the way that Import and Export business is conducted and the documentation needed, even if a Free Trade Agreement is ultimately reached with the EU.   Time is running out to consider the impact of the changes on your…

Many small to medium sized companies have made use of the £4,000 employer allowance (EA) rebate so far this tax year. However, with the somewhat uncertain times companies are facing at the moment, the number of redundancies made has unfortunately seen a significant increase.   A change in the EA rules for 2020-21 saw companies…

With many Christmas parties being cancelled due to the Coronavirus pandemic you may be wondering how you can say ‘Merry Christmas’ to your staff this year.   Did you know there are no tax implications on gifts classed as a  ‘trivial benefit’ where all of the following conditions are met: it cost £50 or less…