The effects on supply chains from 1 March 2021. Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last minute Government u-turn. This is when the VAT domestic reverse charge for...
Income tax: The Winter Economy Plan gives longer to pay for liabilities due in January 2021. This applies not just if you took up the option of putting off to 31 January 2021 the second income tax self-assessment payment on account for 2019/20, due by 31 July 2020,...
Making Tax Digital for VAT (MTD for VAT) has been effective for businesses with turnover above the VAT threshold of £85,000 since April 2019. HMRC recently outlined its next steps, including the introduction of Making Tax Digital for Income Tax Self-Assessment. Here,...
The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: • hospitality • hotel and holiday accommodation • admissions to certain attractions The temporary reduced...
