How Brexit and DRC will affect VAT returns
VAT returns due to be submitted by 7th May for the March 2021 quarter will be very different for many businesses due to the impact of Brexit and the new domestic reverse charge rules for builders (DRC). If you run a business in the construction sector or one that imports/exports goods to the EU, you […]
VAT Evader Trader
HMRC is in the process of writing to businesses which it believes are trading above the VAT threshold, but who are not currently VAT registered. Today’s Blog explains what to do if such a letter arrives. VAT Evader Trader Background A business is required to register for VAT once its taxable turnover over the previous […]
Is it now time to switch from VAT to a Sales Tax?
When I started working for HM Customs and Excise many moons ago, I always thought VAT to be an odd tax, especially in the way it was operated. VAT had been introduced in 1973 when the UK joined the European Economic Community (the forerunner of the EU), when it broadly replaced a form of Sales […]
Tax tips for buy-to-let landlords
The business of buying and letting a property can be complicated and any decisions made on the basis of the tax payable could well change at various points in the property business life-cycle. There are a number of potential pitfalls to trip-up the unprepared landlord, so forward planning will always pay dividends. But remember, property […]
Budget 2021
Charles Blondin, whose name is synonymous with tightrope walking, has a new rival in Rishi Sunak, whose budget on Wednesday was a masterclass in walking a fiscal tightrope. The Chancellor was seeing government debt shooting up to near record levels, with the number of individuals on just one of his economic lifelines, The Furlough Scheme, […]
Martin Lewis Shadow Chancellor
Self-employed small businessmen and women who are desperate for financial support, have been left hanging, as Chancellor Rishi Sunak has decided to delay payment of the next self-employed income support (SEISS) grant until after the Budget on 3rd March. This bombshell was only revealed in late January when Martin Lewis tweeted that he had received […]
A randy hamster and 10 other Late Tax Return Excuses
It goes without saying that filing your tax return on or before the 31st January (or 28th February for 2021) deadline date, is important, and you should expect to be penalised by HMRC if you fail to meet this deadline. The only ‘get out of jail card’ is if you have a genuine ‘reasonable excuse’. […]
UK Tax Questions Answered by Shrewsbury Accountant No. 33
Now that Tax Return season is coming to an end, I’ve turned my attention to my growing inbox of questions. It has been a while since I’ve written a blog of this type, largely because of the impact of the Coronavirus, the plethora of mini-budgets and the suspension of many tax rules by Chancellor Rishi […]
Brexit reality check #1 VAT
In recent weeks I’ve had a steady trickle of queries about shipping goods to the EU or receiving goods from the EU, largely because there is very little HMRC guidance. So today I will try to plug some of the gaps left by this distinct lack of government help, with regard to VAT on goods […]
HMRC U-turn: Self Assessment Deadline Postponed
In my Blog on 1st January this year (Waive Late Filing Penalties) I reported that despite a united approach by all of the accountancy bodies; HMRC boss Jim Harra effectively stuck up two fingers to our request that HMRC allow an extension to this year’s January 31st deadline because of the disruption caused by the […]
