VAT News
The VAT Consultancy offered at Hawsons by our VAT specialist
EC VAT, Post Transition Period Guidance
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)....
Treasury temporarily scraps VAT on PPE
The Government has decided to zero-rate VAT on essential personal protective equipment (PPE) during the COVID-19 pandemic. It comes after charities and trade unions called for VAT on PPE to be scrapped. The Government hopes that this will ease the financial pressure...
Tax Rates 2020/21
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...
VAT and Deposits – HMRC Updated Guidance
HMRC have 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 is often made in...
Delay of VAT Making Tax Digital ‘phase two’
Delay of VAT Making Tax Digital 'phase two' The government has announced that, in light of the impact of Covid-19, the digital links requirement of Making Tax Digital for VAT will be deferred by 12 months to 1 April 2021. What is being delayed? The first phase of MTD...
Budget 2020 Summary
Budget 2020 The Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech he stated 'we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future'. 'It is a Budget of a...
VAT deferment Period Closes – Reinstate Your Direct Debit
VAT deferment period closes on 30 June - Reinstate your direct debit! In March, the Chancellor announced that businesses could defer VAT payments due between 20 March and 30 June 2020 until 31 March 2021. This temporary change to the payment dates was introduced to...
VAT deferral – Cancel your VAT direct debit!
VAT Deferral - Cancel your VAT direct debit! The Chancellor has announced that VAT payments can be deferred for the next 3 months. All VAT-registered UK businesses are eligible for the deferral. If your business normally pays VAT by direct debit, you will need to...
Budget 2020: Predictions
Budget 2020: Predictions Rishi Sunak will deliver the 2020 Budget on Wednesday 11 March. But what can we expect when the Chancellor opens his red box? Craig Walker, a tax specialist at Hawsons, gazes into his crystal ball: With a substantial majority, the government...