As we mentioned in our budget blog post the 5% VAT rate that was brought in in 2020 is going to be extended. The broad details are: The temporary reduced rate of VAT of 5% will be extended until 30 September 2021 There will be a new rate of 12.5% from 1 October 2021 to
Hospitality 5% VAT Extension Until September Read More »
The Government has just update it’s guidance on paying VAT bills that were deferred due to the pandemic between 20th March and 20th June 2020. Clients have three options: Pay by the 31st of March Opt into the new deferral scheme when it goes live and pay in up to 11 smaller payments Talk
Deferred VAT Bills Now Coming Due Read More »
New VAT rules are finally due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. These new rules, the VAT Reverse Charge, have already been delayed twice as there was a lack of awareness of the changes in the industry. The new “reverse charge” system
New VAT Rules For Construction Sector Start On 1st March 2021 Read More »
On 22 October the Chancellor announced that the CJRS “furlough” scheme would end on 31 October 2020 to be replaced by a new Job Support Scheme (JSS). However, at 6.45 pm on 31 October 2020 when the Prime Minister announced a month long lockdown for England he announced that the CJRS furlough scheme would be
“Furlough” Scheme Extended At 80% of Normal Pay Read More »
Further to our last blog post here is some more detailed information about the job support scheme that will start on November 1st. The JSS scheme originally announced in September has been made more generous to support businesses legally forced to close their premises as a direct result of Coronavirus restrictions imposed by one of
Job Support Scheme – Latest Updates Read More »
The government today announced it will increase the amounts and reach of its winter support schemes. In recognition of the challenging times ahead, the Chancellor said he would be increasing support through the existing Job Support and self-employed schemes and expanding business grants to support companies in high-alert level areas. H M Treasury states
Plan For Jobs: Latest Government Update Read More »
On 24 September 2020, the Chancellor announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period. Instead of paying the full amount by the end of March 2021, HMRC have confirmed businesses can make smaller payments up
Corona Vat Deferral Update Read More »
In some good news for beleaguered hospitality businesses the Chancellor has announced extra support which will apply to businesses here in Scotland that are forced to close by local lockdowns. The government news release states: “The government’s Job Support Scheme (JSS) will be expanded to protect jobs and support businesses required to close their doors
Expansion of UK Government Job Support Scheme Read More »
The CJRS grant claim changes again on the 1st of September. Please talk to us if you would like us to help estimate your claim. From 1 September CJRS will pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not work. You will still need
September Changes To Furlough Scheme Read More »
MTD for VAT is fast approaching. This cheatsheet shows some helpful information and resources that should assist a smooth transition. Who has to register and what records do you need to keep: From April 2019 VAT registered businesses and organisations with taxable turnover above the VAT threshold of £85,000 will be required to: Maintain their
MTD for VAT cheatsheet Read More »
