Taking some time to start planning for the 2021/22 tax year might be worth the effort. While there is often a focus on planning for the end of the tax year, much less attention is…
CIS: VAT Reverse Charge: Rules from March 2021
The VAT domestic reverse charge will finally apply to most supplies of building and construction services from 1 March 2021. The rules, whose implementation have been postponed twice, cover standard and reduced rate VAT supplies…
Navigating VAT in a post Brexit world
Many businesses are struggling with the VAT regime in place since Brexit, especially when it comes to exporting goods to the EU. We address some of the common misunderstandings. Exporting goods Provided you have proof…
Update on Covid-19 support for businesses
More support is available to help businesses in this latest lockdown, expected to last until at least 8 March. Keep up to date with, and claim, any support that your business is entitled to so…
Is A Wealth Tax A Viable Option for The Chancellor?
The Wealth Tax Commission, an independent body of tax experts, has set out the framework for a one-off wealth tax. Will the Chancellor be tempted to adopt this? In his November [2020] statement, in which…
Self-assessment: last minute filing
I'm sitting here musing about the number of calls I'm still taking from (potential) clients regarding taking them on for this year's self-assessment submissions. It's got me thinking. Why do some people leave this to…
Lockdown 3.0 – What To Expect
As the third Covid-19 lockdown took effect on 5 January 2021, the Chancellor announced a further £4.6 billion in grants to the retail, hospitality and leisure sectors. This new round of support follows extensions to…
Is An Increase in Capital Gains Tax Inevitable?
A recent report could herald changes to capital gains tax. Last July the Chancellor asked the Office of Tax Simplification (OTS) to undertake a review of capital gains tax (CGT) “in relation to individuals and…
Changes to the National Minimum and Living Wages
One of the announcements to come out of the Chancellor’s Spending Review was welcome increases to minimum wages. From 1 April 2021, the National Living Wage will get a 19p increase, going up to £8.91…
Tougher criteria for third SEISS grant
Applications for the third Self-Employment Income Support Scheme (SEISS) grant opened from 30 November, and you have until 29 January 2021 to make a claim. Be warned, however, that some of the conditions for this…