Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...
The Chancellor has confirmed that the following supplies will continue to be charged at 5% instead of 20% until 30 September 2021. To help businesses manage the transition back to the standard rate, a 12.5% rate will then apply for a further six months, until 31 March...
Budget 2021 The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech, he stated his Budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’. Main Budget proposals Tax...
A domestic reverse charge will be introduced from 1 March 2021 to tackle VAT fraud in the construction industry. Tony Nickson, VAT Consultant at Hawsons, explains what this will mean for businesses. What is a reverse charge? In a nutshell the reverse charge is where...
HMRC have confirmed that businesses that deferred VAT payments between March and June 2020 will be eligible to join the new scheme where they can pay the deferred VAT in smaller monthly instalments. This will now give businesses the option to pay their deferred VAT in...
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...
