VAT News
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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 help businesses manage their cashflow. The VAT deferment period is now...
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...
Treasury temporarily scraps VAT on Personal Protective Equipment
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 – Post 31 January 2020
Even though the UK is leaving the EU on 31 January 2020, the transition period to 31 December 2020 means that there will be no VAT changes, in terms of paperwork and process. From 1 January 2021 – the UK will have imports and exports of goods (to EU countries) instead...
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...
Charities and VAT
CHARITIES AND VAT It is wrong to assume that Charities get special VAT treatment, however, they do benefit from VAT relief on the purchase of some goods and services. They can also get a VAT exemption on income from fundraising events as long as certain conditions are...