Tax tips and news
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Latest round up
Newsletter issue - January 2021 With much of the country entering Tier 3 restrictions around Christmas, and Wales being put back into a stay at home lockdown from 28 December, it is inevitable that there would be further announcements made with respect to business-related COVID-19 measures. Extension of furlough scheme The Coronavirus Job Retention Scheme…Read More
Reverse charge for building services imminent
Newsletter issue - January 2021 After two delays, the new rules for certain building services will finally take effect from 1 March 2021. Under the current rules, a business (for example a builder) will add VAT to their sales invoices passed to their customers, and then account for this to HMRC via the VAT return.…Read More
First-year allowances for zero emission cars to continue
Newsletter issue - January 2021. There was some confusion when Finance Act 2020 was published. The government had announced that it would be extending the current enhanced 100% first-year allowance (FYA) available for zero-emission vehicles. However, when the legislation was published there was no mention of any extension, leading to speculation that the FYA would…Read More
HMRC launches UK VAT number checking tool
Newsletter issue - January 2021 Following the UK's exit from the European Union, VAT registration details of UK companies will no longer be maintained on the VAT Information Exchange System (VIES). Being able to check the validity of a new supplier's VAT number is an important step in combatting VAT fraud. For example, a rogue…Read More
January questions and answers
Newsletter issue - January 2021 Q. I want to pay for my employees to be screened regularly for COVID-19. Is this a taxable benefit or is it exempt? When the initial guidance for employers was published back in July 2020, HMRC stated that an employer paying for an employee to be tested would constitute a…Read More
January Key tax dates
Newsletter issue - January 2021 1 - Due date for payment of Corporation Tax for accounting periods ending 31 March 2020 7 - Electronic VAT return and payment due for quarter ended 30 November 2020 14 - Filing deadline for form CT61 to report interest payments in quarter ended 31 December 2020 14 - Deadline…Read More