HMRC have recently updated their internal VAT manual to clarify the “place of supply” rules for services. This is one of the most complex areas of VAT legislation and of course the rules changed significantly since the UK left the EU. The country where a supply is deemed to be made is called the ‘place […]
The Covid-19 pandemic has exacerbated work-related stress as many of us have had to suddenly shift to new ways of working as well as balancing family responsibilities with home-working and home schooling, etc. This has put a lot of pressure on people and has tested the resilience of many of us. Stress can have a […]
Date What’s Due 01/02 Corporation tax payment for year to 30/4/21 (unless quarterly instalments apply) 19/02 PAYE & NIC deductions, and CIS return and tax, for month to 5/02/22 (due 22/02 if you pay electronically) 28/2 Extended deadline for filing self-assessment tax return for 2020/21 without incurring late filing penalty. 01/03 Corporation tax payment for […]
A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT was due to be introduced from April 2022. However, it has been recently announced that the start has been delayed until January 2023. The same system will also apply to returns under MTD for income tax and those […]
Normally self-assessment tax returns need to submitted by 31 January, otherwise there is an automatic £100 late filing penalty. Don’t panic however, as HMRC have recently announced that provided 2020/21 tax returns are received by the end of February, the late filing penalty will not be applied. Filing late will, however, extend the period during […]
Making Tax Digital for VAT becomes mandatory for all VAT registered businesses from 1 April 2022. Businesses with a taxable turnover above £85,000 have already been required to follow Making Tax Digital, keeping digital records and filing VAT returns using compatible software since April 2019. From 1 April 2022, all VAT registered businesses must file […]
Revisit your business plan. Does it still apply to your business goals and aspirations in the current pandemic-affected market? Ensure you set aside time to review and update your goals through the coming year. Consider your cashflow requirements for the year including re-paying any loans taken out during the pandemic and any investment needs. […]
The working environment continues to change at a fast pace, and it’s important to adapt appropriately. Businesses across the world have been grappling with rapid transformation because of changes to working practices, shifts in buyer behaviour and ongoing economic uncertainty. The way we work is evolving In the last 18 months, the shift to agile […]
Second hand plant and machinery does not qualify for the 130% super-deduction but would still qualify for the 100% Annual Investment Allowance (AIA). The amount of expenditure qualifying for 100% tax relief was originally scheduled to revert to just £200,000 from 1 January 2021 but will now continue at £1 million until 31 March 2023. Although […]
Many businesses may have been too short of cash to take advantage of the new super-deduction for investing in new plant in 2021 but may be more confident about investing in 2022. This tax break, which started on 1 April 2021 continues until 31 March 2023, allows companies to deduct 130% of the cost of […]
