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BUDGET UPDATE MARCH 2021

Thursday, 04 March 2021 13:45 Written by admin 0 Comments

Following on from yesterday’s budget, here is a link to our guide to the various announcements. Thankfully, nothing on pensions or CGT yet.

Budget guide March 2021

As always, please contact us if you have any questions.

 

 

VAT DEFERRAL NEW PAYMENT SCHEME

Wednesday, 24 February 2021 10:41 Written by admin 0 Comments
Businesses that took advantage of the option to defer VAT payments due to Covid last year can join the new scheme to pay it in smaller monthly instalments.
All the information you require is here:

DOMESTIC VAT REVERSE CHARGE FOR BUILDING AND CONSTRUCTION

Tuesday, 16 February 2021 13:10 Written by admin 0 Comments
The new domestic reverse charge is finally being introduced from 1 March 2021.
This applies to the majority of contractors and subcontractors that are registered for VAT and report under the CIS scheme.
Details are here but if you require any further help, please do not hesitate to contact us:

SELF ASSESSMENT RETURN DEADLINE CHANGE – (Thanks for leaving it so late HMRC!)

Tuesday, 26 January 2021 08:49 Written by admin 0 Comments
 Self Assessment customers will not receive a penalty for their late online tax return if they file by 28 February, HM Revenue and Customs’ (HMRCs’) Chief Executive Jim Harra has announced.
Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities. Customers can pay online, or via their bank, or by post before they file.
Taxpayers who cannot afford to pay their tax bill on time can apply online to spread their bill over up to 12 months. But they will need to file their 2019 to 2020 tax return before setting up a time to pay arrangement, so HMRC is encouraging everyone to do this as soon as possible.

PAYMENT OF DEFERRED VAT

Monday, 25 January 2021 19:17 Written by admin 0 Comments
Some of you may have taken advantage of the VAT deferment for liabilities falling due between 20 March 2020 and 30 June 2020 due to Covid-19.
HMRC has released some new guidance on how to pay this, and the possibility of further deferring elements of the liability.
Guidance can be found here:
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