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Summer Economic Update

On Wednesday 8th July, the Chancellor Rishi Sunak made a speech entitled “Summer Economic Update” where he unveiled further Government supports and he unveiled the Government’s plan for jobs which he described as the “Second phase in the Government’s economic response to the crisis.” Here are the highlights and we will update you on the […]

Read more July 9th, 2020

Setting Up VAT Direct Debits

The VAT Payment deferral scheme does not apply to VAT quarters ending from 31 May 2020 onwards. VAT returns for these periods must be submitted and paid on time. If you have previously cancelled your Direct Debit payment to HMRC in order to make use of the VAT payment deferral scheme, you will now need […]

Read more June 18th, 2020

Delaying Import Duty And VAT Payments Due To Covid-19

Many businesses that import goods into the UK from outside the EU operate deferment accounts, which allow payment of import duty and VAT to be delayed for 15 days after the month in which the goods are brought into the country. See Gov.uk – How to set up a deferment account: https://www.gov.uk/guidance/setting-up-an-account-to-defer-duty-payments-when-you-import-goods What are HMRC […]

Read more April 15th, 2020

HMRC Time To Pay

Along with the various government schemes to provide income support for businesses and individuals, HMRC offers a Time To Pay Scheme. This is currently available for Self Assessment Tax, Corporation Tax, VAT and PAYE. In order to arrange a deferral of a tax payment which is not already covered by a specific scheme, such as […]

Read more April 14th, 2020

Could The VAT Cash Scheme Help You?

VAT Registered and struggling with cash flow due to COVID 19? Are you on the VAT cash scheme? No? Maybe it’s time to consider changing to it? As accountants, we understand the struggles involving cash flow, especially for small businesses. Now, with the added complications due to Covid-19, it might be time to consider the […]

Read more March 27th, 2020

VAT Payment Deferral

VAT payment deferrals will apply from 20 March 2020 until 30 June 2020. All UK businesses are eligible and this is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. You will still need to submit your VAT returns on time, but will not need […]

Read more March 26th, 2020

COVID-19 Business Support Update 23 March

Key Government Resources Links You can find an updating list of official resource links here. Who is a keyworker? The current list of keyworkers includes the following: Health and Social care (doctors, nurses, social workers, care workers, etc.) Education and Childcare (teachers, social workers, childcarers, etc.) Key Public Services (staff in the justice system, religious […]

Read more March 23rd, 2020

The 5% VAT Rules And Reduced Rate VAT Eligibility Criteria

Firstly, to start with a common misconception, the 5% VAT rule does not mean that you can reclaim 15% VAT. Let’s start at the beginning and explain where the 5% VAT rate comes into play. You can utilise the 5% or reduced VAT rate in two situations: The conversion of premises to a different residential […]

Read more January 20th, 2020

The World Of Property And Where Are We?

So where are we in terms of the impact to the world of property? Here’s what we can expect to happen this year from a Tax and Legislation perspective:

Read more January 14th, 2020

Conservative Party Elected With Working Majority

Now that Boris Johnson and his Conservative Party have won the General Election will we finally “Get Brexit Done”? More importantly, can the Government now get on with running the country and sorting out urgent issues such as the NHS? The Budget date has now been announced for Wednesday 11th March. This Budget is likely […]

Read more January 8th, 2020

Reduced Rate VAT Eligibility

The key time where the reduced VAT rate becomes useful for most property investors is when they are converting a property from one use to another. For example, a single dwelling is being converted into a multiple dwelling property (a HMO). The complete information can be found in VAT Notice 708 Buildings and Construction which […]

Read more October 14th, 2019

Builders’ VAT Rules Delayed For A Year

The government have decided to delay the start of the proposed VAT reverse charge for supplies by sub-contractors in the construction sector. The reason for the u-turn is the lack of awareness of the change that was originally due to start on 1 October 2019. Many sub-contractors, and some main contractors, were not prepared for […]

Read more October 3rd, 2019

Company Officers Jointly And Severally Liable For VAT Penalty

The decision in a recent tax tribunal case reminds us that directors and other company officers may be personally liable for VAT penalties of their company. The recent case involved a penalty for late registration for VAT where the threshold had been exceeded. Three conditions must be satisfied before the liability for a penalty payable […]

Read more September 16th, 2019

Tax Definitions Of Vans & Cars

When is a van not a van? HMRC are being urged to provide clarity and consistency on the tax treatment of commercial vehicles such as VW Kombi Vans marketed as goods vehicles. The need for clarity follows the ruling in an important tax tribunal case involving “vans” provided to employees of Coca Cola. The court […]

Read more September 16th, 2019

Company VAT Penalty Can Be A Liability Of An “Officer”

A recent case before the tax tribunal saw the liability for a late VAT registration penalty being passed on to a manager of the company. HMRC have the power to impose such a penalty on an individual where: There is a penalty payable by the company for a deliberate failure The individual on whom HMRC […]

Read more August 12th, 2019