Handling EU VAT on exports If you export goods and services to the European Union (EU), there are changes coming that will impact on how you account for VAT and duty in these EU member states. The One Stop Shop system, which was previously only available for digital services, will now be extended to include…
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Getting ready for the extension of Making Tax Digital Keeping the UK’s tax system running effectively and up to date with advances in technology is no easy task. But the introduction of the Government’s ‘Making Tax Digital (MTD)’ initiative is intended to solve this problem, by moving most taxation over to a digital model. Making…
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Budget 2021 So today (3rd March 2021) the Chancellor has released his 2021 budget. Here are the details as announced so far with more to come over the next few days. If you prefer your updates by video click the play button below. The Furlough Scheme He has announced that the Job Retention Scheme, otherwise…
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Back in 2019 before any of us had heard of Covid, HMRC announced that they were introducing the Domestic Reverse Charge for VAT and that it would affect everyone in the Construction Industry who is VAT registered. After delaying the introduction of this a couple of times due to Brexit and Covid it has finally…
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VAT or Income Tax Deferred due to Covid 19 and due in January 2021 At the beginning of the coronavirus pandemic, the government gave individuals and businesses the option to defer, until 2021, payments of Income Tax due by 31 July 2020 and VAT due in the period 20 March to 30 June 2020. This…
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