VAT news
VAT changes for sales to EU from 1 July 2021 – Are you ready?
The European Union is making changes to the VAT treatment of supplies of goods and services to EU consumers. These changes take effect from 1 July 2021. Goods Under the existing rules sales of goods by non-EU businesses to the EU, customers are not subject to import...
VAT Partial Exemption Changes
To ensure the continuation of fairness HMRC has decided to implement an accelerated process when it comes to VAT Partial Exemptions. This accelerated process will allow businesses to request changes to their VAT Partial Exemption methods due to Covid-19. To submit a...
Tax Rates and Allowances 2021/22
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...
Budget 2021: 5% VAT rate for hospitality extended
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
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 measures...
Domestic VAT reverse charge introduced from 1 March 2021
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...