If you are notifying HMRC of a decision to opt to tax land and buildings, you are normally required to notify HMRC within 30 days. The 30 day deadline was temporarily extended to 90 days to help businesses and agents during the pandemic, but that...
HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union.
Businesses registered for VAT in the UK can account for import VAT on their VAT Return for goods imported into:
The temporary 5% VAT rate that has applied to supplies made in the tourism and hospitality sector since the start of the pandemic comes to an end at the end of September. The rate then increases to 12.5% from 1 October until 31 March 2022...
These are the suggested reimbursement rates for employees' private mileage using their company car from 1 March 2021.
Where there has been a change the previous rate is shown in brackets.
1400cc or less
1600cc or less
1401cc to 2000cc
1601 to 2000cc
Note that for hybrid cars...
Following the UK’s departure from the EU, the government intend to establish new Freeports as a means to boost trade, jobs and investment across areas of the UK.
What are Freeports?
Freeports operate as secure customs zones, they are usually located at ports or airports, where businesses...
The reduced 5% rate of VAT for goods and services supplied by the tourism and hospitality sector has been extended to 30 September 2021.
To help support businesses further there will be a transitional rate of 12.5% from 1 October to 31 March 2022 with the...
Businesses that deferred VAT payments last year can join the new scheme to pay it in smaller monthly instalments.
If you deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, you can:
Pay the deferred amount in...
Are you ready for the introduction of the new way of accounting for VAT in the Building and Construction Industry?
This comes into force with effect from 1 March 2021.
The government had previously announced a delay to the introduction of the domestic reverse charge for the...
Guidance has been updated to reflect the extension of the VAT reduced rate for tourism and hospitality from 12 January to 31 March 2021.
The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT...
If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can:
pay the deferred VAT in full on or before 31 March 2021
opt into the VAT deferral new payment scheme when it launches in 2021