VAT News
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VAT Deferral Guidance
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 Announces Budget for 2021
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...
Problems paying your deferred VAT due to COVID-19?
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...
The Construction Sector Bounces Back?
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...
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)....
VAT and Deposits – HMRC Updated Guidance
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...
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...
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...
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...