Pay VAT Deferred Due To Coronavirus (COVID-19)
HMRC has issued guidance on paying deferred 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 contact HMRC if […]
Economic Emergency Has Only Just Begun
In his recent spending review Rishi Sunak said the “economic emergency” caused by Covid-19 has only just begun, as he warned the virus would mean lasting damage to growth and jobs. Official forecasts now predict the biggest economic decline in 300 years. The UK economy is expected to shrink by 11.3% this year and not […]
UK Tariffs From 1 January 2021
From 1 January 2021, the UK will apply a UK-specific tariff to imported goods. This UK Global Tariff (UKGT) will replace the EU’s Common External Tariff, which applies until 31 December 2020. The UKGT will apply to all goods imported into the UK unless: An exception applies, such as a relief or tariff suspension the […]
Brexit News: The Border with the European Union
The Government produced guidance in July 2020 outlining the implementation of Border controls in three stages for importing and exporting goods. This document outlines the processes for moving goods between GB and the EU from 1 January 2021 onwards, including processes to be introduced in April 2021 and July 2021. Import and export controls are […]
Winter Economy Plan – Deferral of VAT Bills
Up to half a million businesses who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, they will be able to make 11 smaller […]
Temporary 5% VAT rate for food, accommodation and attractions starts 15 July (Updated)
Updated: 24 September 2020 From Wednesday 15 July 2020 to 12 January 2021, to support businesses and jobs in the hospitality sector, the reduced 5% rate of VAT will apply to supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafés and similar premises across the UK. The 5% reduced rate of […]
New Grants to boost recovery of small businesses
Thousands of smaller businesses in England are set to benefit from £20 million of new government funding to help them recover from the effects of the coronavirus pandemic, the Minister for Regional Growth and Local Government has announced. Small and medium sized businesses will have access to grants of between £1,000 – £5,000 […]
Chancellor announces “a plan for jobs”
Many of the changes announced by the Chancellor in his statement on 8 July, such as the temporary Stamp Duty holiday, had already been leaked to the press but as in previous Budgets he still managed to keep a few surprises up his sleeve. The main thrust of his statement was to introduce measures intended […]
Domestic Reverse Charge for Building and Construction Industry Services
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 construction industry. It was due to come into […]
Capital gains tax private residence relief changes go ahead
The latest Finance Bill includes important changes to private residence relief that took effect from 6 April 2020. The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation and thus exempt from CGT even though the owners are not living in the […]
