Workers in receipt of Working Tax Credit (WTC), have been urged to check if they need to update their working hours. WTC tops up the earnings of those on a low income. HM Revenue & Customs (HMRC) says people need to check their hours if these have reduced as a result of coronavirus and want to…Details
It is all too easy to pay too much tax. That’s the case for PAYE employees with relatively straightforward financial affairs, but the risk is highest for people with more complex finances because they own a business, invest in property, or are a high earner. However, cutting your tax bill does not have to be…Details
The Chancellor of the Exchequer, Rishi Sunak, is expected to announce that the Government will be pumping extra billions into the economy when he sets out details of the Budget and Spending Review on October 27. The review will give details of the next three years of spending priorities while the Budget is expected to…Details
The boss of one of Britain’s most influential business organisations has called on the Government to take action to make sure the UK’s economy does not stall because of labour shortages. The Director-General of the Confederation of British Industry (CBI) says business also has a part to play to keep the recovery going. Tony Danker’s…Details
Launched earlier this year, the new super-deduction is a capital allowance created to help companies looking to invest in new qualifying plant and machinery. Designed specifically to encourage firms to invest in assets that will help them grow and recover from the impact of COVID-19, this new tax relief is part of the Government’s package…Details
A catering contractor who failed to register for VAT despite earning well above the registration threshold has been fined and banned from running a company for seven years.
UK businesses who have supplied digital and telecommunication services to the EU since 01 January have just weeks remaining to apply for the non-union VAT mini one stop shop (MOSS), it has been warned.
Businesses may have to apply both acquisition and import VAT on transactions spanning transition period, Government confirms
HM Revenue & Customs (HMRC) has confirmed that both acquisition VAT and import VAT may apply on transactions spanning the end of the Brexit transition period.
International businesses affected by Covid-19 will have more time to make UK VAT refund claims, it has been confirmed.
Due to the unprecedented challenges 2020 has thrown our way, businesses have had to adapt quickly to new hurdles and coronavirus-related restrictions. However, with the year coming to an end, it is essential to get set for the year ahead with budgeting, effective cash flow management, plus forecasting and management accounts.