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Tax

VAT: temporary reduced rates for tourism and hospitality-related activities

VAT: temporary reduced rates for tourism and hospitality-related activities As announced in the Government’s Economic Statement on 8 July 2020, the rate of VAT applied on most tourism and hospitality-related activities will be cut from 20% to 5%. The Government
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Tax

VAT: HMRC update guidance on deferred payments

VAT: HMRC update guidance on deferred payments HMRC have updated their guidance on paying VAT that was deferred due to the coronavirus, which can now be paid using the VAT deferral new payment scheme. In particular, a new section on
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Tax

VAT: guidance on overseas goods

VAT: guidance on overseas goods HMRC have published guidance covering VAT and overseas goods sent to the UK and returned to the seller. The guidance examines how sellers of goods sent from abroad to customers in the UK should deal
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Tax

VAT-registered businesses urged to prepare for Brexit trading changes

VAT-registered businesses urged to prepare for Brexit trading changes HMRC has written to all VAT-registered businesses in Great Britain trading with the EU and/or the rest of the world, highlighting what they need to do to prepare for the UK’s
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Tax

VAT registration in the UK – What is VAT registration?

VAT registration in the UK – What is VAT registration? What exactly is VAT registration? VAT registration in the UK is legally required when your taxable turnover is more than £85,000. Do I need to register for VAT? In the
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Tax

VAT deferral payment scheme online service opens

VAT deferral payment scheme online service opens Over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay in smaller monthly instalments, HMRC has announced. In order
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Tax

US tax authority extends filing deadline to 17 May

US tax authority extends filing deadline to 17 May The US Internal Revenue Service (IRS) has confirmed that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from 15 April to
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Tax

The Brexit deal: A guide for business

The Brexit deal – A guide for business The Brexit deal is done and there are now differences between the treatment of goods movements into Northern Ireland and the rest of the UK. Where GB is referred to, this includes
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Personal, Tax

Tax Rates and Allowances

With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients” tax liabilities are planned to be at a minimum. The main changes announced for 2019/20 are: Personal allowance increases to £12,500 Basic-rate
Tax issues with crowdfunding explained (questions and answers)
Tax

Tax issues with crowdfunding explained (questions and answers)

Crowdfunding tax issues explained (questions & answers) Questions My limited company client’s normal business activity is the design, build and installation of seasonal in-store displays for retailers. They are unable to work in this field because of the Covid-19 restrictions.
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Tax

Step-by-step navs on importing and exporting from 1 January 2021

Step-by-step navs on importing and exporting from 1 January 2021 HMRC have launched two step-by-step navs to help businesses prepare to import and export goods to and from Great Britain from 1 January 2021. The navs are: • Prepare to
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Tax

Stamp Taxes Newsletter: January 2021

Stamp Taxes Newsletter: January 2021 HMRC have published their quarterly Stamp Taxes Newsletter (January 2021) containing updates and guidance on stamp taxes. The January 2021 newsletter contains the following articles: EU Exit; Stamp Duty Land Tax (SDLT); Annual Tax on