Late last month it was announced that MTD for income tax self-assessment (MTD ITSA) would be postponed (again) to April 2024. The most concerning part is that more people are likely to be aware for the delay than know about MTD itself. Hence why we have decided to highlight this in today’s blog. ....
In July of last year, an emergency budget was announced which saw Rishi Sunak introduce a temporary 5% rate of VAT which applied to most supplies made by the hospitality sector. This included cafes, restaurants, pubs, hotels, tourist attractions and more. This 5% rate has been applicable ever since but will increase to 12.5%....
Businesses who are required to use Making Tax Digital (MTD) for VAT but not registered could face fines of up to £400, it has been warned. HMRC have reportedly written to over 100,000 businesses who are currently non-compliant with the changes. Under the new rules, VAT-registered businesses with a taxable turnover above the....
As the world begins to open up a little more, the schemes put in place to support businesses are starting to come to a close. Any business that deferred VAT in the wake of the coronavirus pandemic must act before 30 June 2021. What is the VAT deferral scheme? In a bid to help....
As midnight hit on 31st January, most accountants rejoiced knowing their returns were all submitted on time. We were no different, immediately turning our attention to the big changes to come throughout 2021. We thought now would be the perfect time to update you on the major changes in legislation that you may need to....
Coronavirus: Winter Economic Plan… Boris Johnson announced new coronavirus restrictions on Tuesday which could last six months. Following this announcement Chancellor Rishi Sunak delivered a statement on Thursday setting out plans to help workers and businesses hit by these new coronavirus restrictions. If you have any concerns, general queries, or specific questions on....
Coronavirus: Tax payment deferrals On Friday 20 March the chancellor made a number of announcements, the most notable one being government support to cover up to 80% of employees wages where those employees were otherwise going to be laid off due to coronavirus. We’ve covered that in our blog here However, several other....