Domestic VAT reverse charge updates

Domestic VAT reverse charge updates calendar

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 […]

UK economy suffered the biggest slump in 2020

UK economy suffered the biggest slump in 2020 flag and London

The UK economy suffered its biggest slump in more than 3 centuries in 2020 as the coronavirus pandemic ravaged the economy. The pandemic closed shops and restaurants, devastated the travel industry and curtailed manufacturing. The economy shrank 9.9 per cent last year. Which is more than twice the figure for 2009 at the height of […]

Bounce Back Loan repayment terms extended

Bounce Back Loan repayment terms extended pay as you grow scheme

UK government has extended the Bounce Back Loan repayment terms for a further six months. Bounce Back Loan borrowers will now have the opportunity to make payments according to their individual circumstances. They now have the option to delay all repayments for a further six months. Pay as You Grow will be available to over […]

Coronavirus business loan exceeds £71 billion

Coronavirus business loan exceeds £71 billion loans bag beside the exceeding

UK businesses have now borrowed over £71 billion through the government’s coronavirus business loan schemes, according to figures from HM Treasury. The affected business sectors and areas of the country have altogether accessed to the loans of over 1.5 million. The British Business Bank has also published the regional distribution of loans under the Coronavirus […]

Self assessment deadline extended until 28 February

REMINDER for self assessment deadline

HMRC has extended the self assessment deadline by a month until 28 February. It is a great relief for the customers struggling due to Coronavirus pandemic. Self Assessment customers will not receive a penalty for filing their online tax return late, HMRC announced on 25 January. Already more than 8.9 million taxpayers have filed their […]

Tariff free trade deal: Brexit

tariff free trade deal Britain Brexit

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 […]

What if you can’t pay your tax bill on time?

tax bill on time? girl working on laptop

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 […]

New lockdown grants: Chancellor announces £4.6 billion

new lock down grants hm treasury update

Chancellor Rishi Sunak has announced £4.6 billion in new lockdown grants to support businesses and protect jobs. UK businesses in the retail, hospitality and leisure sectors will get one-off grants worth up to £9,000 per property. The payments will support 600,000 business properties across the UK. A further £594 million will be available to councils […]

2,700 tax returns filed on Christmas Day

Female hands typing on laptop with Christmas stuffs around female hands typing

HMRC’s new data has shown that 2,700 people used Christmas day to file their tax returns. Many taxpayers chose to send the documents in just after lunchtime on 25 December. The peak time for completing tax returns was between 2 pm to 2.59 pm. More than 200 customers pressed ‘submit’ on their online form in […]

Self Assessment filing deadline: No relaxation

Self Assessment filing deadline No relaxation calculator

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 […]