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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:
https://www.gov.uk/government/news/vat-deferral-new-payment-scheme-online-service-opens

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:
https://www.gov.uk/guidance/vat-domestic-reverse-charge-for-building-and-construction-services#whentouse

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:
https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
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Recent Posts

  • BUDGET UPDATE MARCH 2021
  • VAT DEFERRAL NEW PAYMENT SCHEME

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Magenta Accounts
Unit 2A Poles Copse
Poles Lane
Otterbourne
Winchester
SO21 2DZ
Tel: 01962 717498
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email: info@magenta-accounts.com

Client Testimonials

Wonderful, friendly service. Thank you so much for looking after us!

Faye Chandler, Oliver Chandler Limited

I would gladly recommend Keeley to anybody who is looking for a conscientious, detailed and hard working accounting professional. Both individually, during her career before Magenta, and now as part of the wider Magenta Accounts team Keeley has looked after my financial well-being over the last fifteen years, and has done it exquisitely well. In fact, so happy am I to recommend Keeley, that four of my closest friends now have their company finances managed by Keeley's safe hands at Magenta.

Mike Boreham. Managing Director, Quiddity Solutions Limited

Magenta have handled our payroll and invoicing for three years, and have had an extremely positive impact on Semantic. Between them the team now handle all my personal and professional needs.

Nick Warren. Managing Director, Semantic Limited

Keeley has handled all my tax affairs for many years and I cannot speak highly enough about the professional level of service she has provided. Her efficiency and knowledge mean that my tax affairs are handled swiftly and competently making the whole experience pleasurable and cost effective.

Linda Green

Just a note to say how impressed I have been with Magenta Accounts and the service that you have provided me within my first 6 months of setting up my business. With being a new business, making sure I generate income immediately is vital, so by knowing that you are taking away of all my financial duties from me such as making small payments to providing monthly management accounts allows me to focus more of my time on other aspects such as growing the business and generating revenue. Each member of staff provides a personal and prompt service and it is comforting to know that whoever I speak to at Magenta Accounts, each member of staff is fully aware of my accounts and the current situation. I would fully recommend your company to any business who is looking for a service that not only helps take away the stress of looking after money, but also helps you grow as a business.

Michael Dyble, Managing Director, Dybles Limited

Keeley and her team are fantastic at providing the right advice, expert skills and taking the headache of accounting away from me, allowing me to spend more time on my business, not in it. Highly recommended local, friendly company.

Mike Hayward, Managing Director, Burton Technologies Limited