VAT Reverse Charge Construction Industry Solver

Reverse VAT Charge Construction Solver

What is the VAT Reverse Charge for Construction Industry? This simple tool will inform you when to apply the VAT reverse charge. It applies to all businesses within the construction industry. We have also included detailed analysis and examples of the questions you will need to answer. The solver will inform your construction business whether …

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VAT Reverse Charge for Construction Industry FAQs

VAT Changes Construction Industry

The VAT reverse charge for construction industry was implemented on 1st March 2021. It is an important change for construction businesses. Here are some FAQs on the changes and how it will affect your construction business. Our opinion on the VAT changes for Construction Industry We have no doubt that ‘missing trader fraud’ is an …

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Examples of Tax Payable on Bitcoin Profits

Bitcoin Tax Examples

Bitcoin and other cryptocurrencies have increased significantly in value over the last few years. At the time of writing on Thursday 11th February 2021, a Bitcoin is priced at $45,531. As a result of this significant growth, many investors are looking to cash in on some of their accumulated profits. The tax on bitcoin in …

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What is the VAT deferral new payment scheme?

VAT Deferral New Payment Scheme

Due to pay your deferred VAT payment? How to opt in to the new VAT deferral payment scheme and pay monthly instalments? Many businesses deferred their VAT payment for the periods between March and June 2020. This was one of the many Covid support packages offered by HMRC. Unfortunately the deferment is due to end. …

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Extension of Bounce Back Loans and Repayment Holidays

Bounce Back Loans

Bounce back loans have been extended again. The scheme is now open to applications until 31st March 2021. The scheme now also allows for repayment holidays and other helpful options. The loans were originally made available back in May 2020. However, if you didn’t claim or are considering increasing your bounce back loan below are …

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Postponed VAT Accounting and Impact on Import VAT

Postponed VAT Accounting

Postponed VAT accounting is available for UK businesses from 1st January 2021. The scheme will assist the cash flow for businesses, which import goods from anywhere outside the UK. Further Information on Postponed VAT Accounting For further information please see the HMRC website on Accounting for Import VAT on the VAT Return and How to …

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Significant New Test Affecting Self-Employment Grants

Significantly Reduced Profits

A significantly reduced profits test has been introduced for the third self-employment grant. Before making your claim you must ensure you still qualify. Below are the frequently asked questions on this new requirement. Summary of the HMRC requirements To qualify for the third grant, HMRC have highlighted the following conditions: Self-Employment is still trading but …

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Furlough Scheme Extended for November to March 2021

Furlough Scheme November

The furlough scheme has been extended to cover November 2020 to March 2021. As a result the Job Support Scheme has now been delayed. Furlough, also known as the Job Retention Scheme was due to end in October 2020. However with the announcement of the second lockdown the Government has announced that the furlough scheme …

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