Latest News & Events
Online service for VAT deferral scheme opens March 3, 2021
Over half a million businesses that deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments, HMRC has announced. To take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020 under the
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Late payment penalties for self assessment waived until 1 April March 3, 2021
Self assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HMRC has announced. The payment deadline for self assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a 5% late payment penalty
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HMRC clarifies off-payroll rules February 25, 2021
HMRC has published a briefing on its approach to the changes to off-payroll working rules, commonly known as IR35, which will be introduced on 6 April 2021. Reiterating its advice from last year, HMRC has confirmed that it will not issue penalties for inaccuracies in the first 12 months of the regime, unless there is
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Domestic VAT reverse charge comes into effect on 1 March February 25, 2021
The twice-delayed introduction of the domestic VAT reverse charge for construction services will come into effect on 1 March 2021. The change was originally scheduled to come into effect from 1 October 2019 but was deferred for 12 months after industry bodies highlighted concerns about the lack of preparation and the impact on businesses. It
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More support needed to help businesses once lockdown lifts February 25, 2021
Business groups have called on the government to extend its coronavirus (COVID-19) support through to the end of the roadmap for lifting lockdown restrictions. The roadmap will see all pupils in England’s schools return to class from 8 March. Meanwhile, shops, hairdressers, gyms and outdoor hospitality, as well as self-contained holiday accommodation, can re-open on
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