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News and useful information on tax and business issues.

Hospitality 5% VAT Extension Until September

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

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March 21 UK Budget Update

INTRODUCTION The Chancellor’s second real budget on the 3rd of March made some important business announcements to try and mitigate the effects of the pandemic and also to start rebuilding the nation’s finances for the future. Below we list some of the most important announcements that will affect individuals and small businesses in Scotland. The

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Scotland Covid Roadmap – Business Impact

The day after Boris Johnson outlined a roadmap out of Covid restrictions for England Scotland’s First Minister, Nicola Sturgeon, has laid out the beginnings of a roadmap to ease Covid-19 restrictions from April. Like Johnson, Sturgeon is focusing on data rather than dates, but is taking a more cautious approach than the PM. She is

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Pros And Cons Of Buying A Property Through A Limited Company

  We often get asked whether buying residential letting property through a Limited Company is a good idea. The answer to that is…. It depends! In order to give decent advice we would need to know the circumstances of the person doing the buying and their long term intentions. However what we can do here

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Deferred VAT Bills Now Coming Due

  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

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New VAT Rules For Construction Sector Start On 1st March 2021

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

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