The tax authority has stated that VAT claims submitted under the Overseas Refund Scheme will be subject to delays. HMRC has admitted that changes to its working practices, as a result of the pandemic, have resulted in delays in processing and refunding VAT claims. The delays relate to payments due to overseas businesses that are not...
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The UK’s mortgage lenders have granted 1.9 million payment deferrals to customers impacted by the coronavirus (COVID-19). According to the latest figures from the UK Finance One in six mortgages is now subject to a payment deferral. For the average mortgage holder, that payment amounts to £755 per month of suspended payments. Hence, the...
The government should compel online marketplaces to collect and remit VAT, according to the Association of Accounting Technicians (AAT). The AAT was responding to ‘Claims and Elections Review’ call for evidence published by the Office of Tax Simplification (OTS). It said the move would help combat online VAT fraud and create a level playing...
ONS held a survey on Business Impact of COVID-19 Survey for the period 23 March to 5 April 2020. Respondents were asked to respond to the questions between 6 April and 12 April 2020. The questions were based on their experiences from 23 March to 5 April 2020. Office for National Statistics (ONS) has revealed...
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