HMRC has issued some guidance to taxpayers that deferred their VAT payments between 20 March and 30 June 2020 and still have payments to make. HMRC is advising taxpayers who deferred their VAT payments to: pay the deferred VAT in full on or before 31 March 2021 or opt...
Chancellor Rishi Sunak Announces Budget for 3 March 2021 The Budget is an annual announcement from the Chancellor of the Exchequer about the Government’s plans for spending and taxation for the upcoming tax year. Next year’s Budget will outline plans for the 2021/22...
Like many businesses in the UK, you may have deferred VAT payments between 20 March and 30 June 2020. If this is your situation and you still have payments to make, then you may be interested to know that there are some options available to you. You can: pay the...
Homebuilding is increasing There has been an increase in home building in October with construction firms starting new projects. This could be due to the Government’s cut in Stamp Duty Land Tax (SDLT). This cut is saving home buyers thousands of pounds which is...
HMRC has published new guidance for VAT issues after the transition period ends. IMPORTS Postponed VAT accounting. Most businesses will use postponed VAT accounting for Imports (this will include goods from the EC which are currently called acquisitions)....
VAT and Deposits HMRC has recently issued new guidance on the subject of deposits, which will have an application to many businesses. A “deposit” is generally used to describe any payment received in advance of the making of a taxable supply. For example, a deposit...
