HMRC outlines changes to late payment penalty regime

HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them 'fairer and more consistent across taxes'. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA).  … Continue reading HMRC outlines changes to late payment penalty regime

Spring Budget 2021

Yesterday, Chancellor Rishi Sunak presented his Budget, which as expected focussed a lot on continuing short-term measures to help support both individuals and businesses through the next few months, but also included some longer-term plans in the government’s attempt to try and reduce the national borrowing. Here is a summary of some of the key… Continue reading Spring Budget 2021

VAT reverse charge for construction services

After three false starts the VAT reverse charge will now come into effect on 1st March 2021. The reverse charge represents part of a government clampdown on VAT fraud. Large amounts of VAT are lost through 'missing trader' fraud. As part of this type of fraud, VAT is charged by a supplier, who then disappears,… Continue reading VAT reverse charge for construction services

Postponed VAT Accounting

A faster way to recover VAT on goods imported to the UK. These changes will affect your business from 1 January 2021 if you import goods into the UK. Import VAT is now charged on all goods entering the UK (including goods from EU countries). Previously import VAT was charged on non-EU imports only.  You… Continue reading Postponed VAT Accounting

VAT deferral

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 2021or opt in to the VAT deferral new payment… Continue reading VAT deferral

Time To Pay Tax

If coronavirus means you can't pay a tax bill on time, the government is offering Time To Pay (TTP) as a way of easing cash flow problems. It is important to appreciate that TTP cannot be used to reduce tax liability. TTP is just that - it buys time, giving you breathing space and spreading… Continue reading Time To Pay Tax

Business as usual, we are here to help.

We are all homeworking & providing all our usual services.  Areas where we are seeing an increased need for help; 1. Preparation of forecasts & loan applications.  These are needed to assist businesses with cash requirements over the next few months .They are required to support business interruption loan applications which we are assisting with… Continue reading Business as usual, we are here to help.

Budget 2020 – 5 Changes That May Affect Your Business

On 11 March 2020 the new Chancellor, Rishi Sunak, presented his first Budget, just a month into the job.  It was always going to be a challenge for him to prepare for the budget in such a short space of time and this wasn’t made any easier for him with the rapidly changing situation with… Continue reading Budget 2020 – 5 Changes That May Affect Your Business

VAT Changes in Construction – POSTPONED!

Just 11 days ago I blogged about the new rules for VAT and construction services….. Well, HMRC have actually listened to businesses and construction industry representatives who have been saying that the changes have come in too soon and businesses just aren’t ready - on top of Making Tax Digital and impending (or not?!) Brexit,… Continue reading VAT Changes in Construction – POSTPONED!

VAT – The New Reverse Charge on Building and Construction

If you are a VAT registered CIS (Construction Industry Scheme) contractor or subcontractor, the way you deal with VAT is changing from 1 October 2019.  Under the new rules, you will not charge VAT to your customers, therefore will not receive payment of the VAT, and will not pay the VAT to HMRC.  It will… Continue reading VAT – The New Reverse Charge on Building and Construction