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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The lockdown roadmap was announced on 22nd February 2021. The Government provided details on how the restrictions will start to be lifted from 8th March through to the summer. The roadmap is staged over 4 steps, with the final lockdown ending on 21st June 2021 (at the earliest). Below is a timeline which details the …
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 …
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. …
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 The loans were originally made available back in May 2020.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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There are several ways in which you can pay personal tax liabilities. We go though each option on how to pay personal tax, so that you can decide which option is most convenient for you. Recap: Who needs to pay personal tax UK individuals who are registered for self-assessment must pay their personal tax liabilities …
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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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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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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A self-employment grant extension was announced by the Government on 5th November 2020. The Government have already paid out grants to the self-employed. The first grant was paid out in May 2020 and the second grant was paid out in August 2020. With the new November lockdown and increased furlough support for employees, additional support …