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Accounting For Import VAT On Your VAT Return

HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union. Businesses registered for VAT in the UK can account for import VAT on their VAT Return for goods imported into: Great Britain (England, Scotland and Wales) from anywhere outside the UK […]

Read more September 10th, 2021

Big Tax Bills For Self-Employed In 2022/23

In August we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses will be apportioned to tax years where the period of account does not coincide with the […]

Read more September 10th, 2021

Final Month For CJRS “Furlough” Grants

The Government are pulling the plug on support to employers for furloughed staff at the end of September as they anticipate that the economy will be back to normal by October. The grant claims for employees furloughed in the month of September are 60% of the employee’s usual pay up to a maximum cap of […]

Read more September 10th, 2021

National Insurance Rise

The Government has announced that the rates of national insurance are to be increased by 1.25% with effect from 1 April 2022. The same national insurance rise will also be applied to dividend income. The purpose of the increase is to fund NHS and social care reform. The increase will affect those people over the […]

Read more September 9th, 2021

COVID-19 Commercial Rent Arrears

The Government has issued the following statement with regard to ring-fencing commercial rent arrears arising as a result of the impact of COVID-19: ‘The Government has announced that it intends to put in place through legislation a scheme to ring-fence outstanding rent arrears relating to periods when a business’s ability to trade has been impacted […]

Read more September 8th, 2021