HMRC has announced a new online VAT Deferral New Payment Scheme for the businesses that deferred VAT payments last year. Businesses can now pay in smaller monthly instalments. HMRC said that If businesses deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, they can: pay the […]
Tag Archives: Business Tax
The domestic VAT reverse charge for construction services will come into effect on 1 March 2021, according to HMRC. It was initially scheduled to come into effect from 1 October 2019 but was postponed until October 2020. The VAT reverse charge for construction is an extension of the Construction Industry Scheme (CIS). It applies only […]
Just before Christmas, the U.K. and the EU have announced a historic agreement indicating tariff free trade deal. The agreement (termed a “Trade and Co-operation Agreement” (TCA)) meant how they’ll trade with one another after Brexit. TCA agreed between the UK and EU came into force at 11 pm on 31 December 2020. Why did […]
Contact HM Revenue and Customs (HMRC) as soon as possible if you have missed your tax bill payment. How you contact HMRC depends on what you need to pay. You have to pay interest if you pay late. You may avoid penalties by contacting HMRC as soon as possible. If you cannot pay because of […]
HMRC has rejected requests from professional bodies (ACCA, CIOT, AAT, ICAEW and ICAS) to relax the Self Assessment filing deadline. HMRC will issue penalty notices as usual to all who file late but will allow more time to appeal. Many members contacted ICAEW in relation to the 31 January self assessment filing deadline. ICAEW wrote […]
The Office of Tax Simplification has revealed a new report on the policy design and core principles of CGT. The OTS has suggested some reforms for simplifying the design of Capital Gains Tax (CGT). In July 2020, the Chancellor asked the OTS to carry out a review of Capital Gains Tax to identify: the opportunities […]
Business Asset Disposal Relief (BADR) previously known as Entrepreneurs’ Relief (ER) Business Asset Disposal Relief was known as Entrepreneurs’ Relief before 6 April 2020. BADR/ER provides a beneficial 10% Capital Gain Tax rate on the first £1 million of eligible gains per individual (which is tested on a lifetime basis). The Budget 2020 […]
Online lettings firm Airbnb agreed to provide HMRC with details of its hosts’ income, which may increase tax investigations. The Grunberg & Co has warned Airbnb landlords that HMRC may be investigating them following the agreement a decision by the short lets platform to share data with HM Revenue & Customs. The Grunberg & Co accountancy […]
The leading economists have warned that the UK will likely face “substantial” tax rises in the coming years, as the government seeks to pay for the cost of its COVID-19 response and public services. Some top economists told parliament’s Treasury Select Committee on Tuesday that tax rises were likely, although they said increases would likely […]
HMRC have issued an update to their guidance on repayments of corporation tax. They have now acknowledged that, in exceptional circumstances, claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has concluded will be considered. Angela Clegg, technical manager in the ICAEW tax faculty, which had raised […]
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