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.
Covid-19: New VAT deferral payment scheme to open for applications from “early 2021”, Government reveals
Businesses that want to pay deferred VAT in instalments throughout the 2021/22 tax year must register for a new scheme by 31 March 2021, it has been confirmed.
HM Revenue & Customs (HMRC) has confirmed that access to the European Union VAT refund system for expenses occurred before 01 January 2021 will cease on 31 March 2021.
The Government’s temporary VAT relief on personal protective equipment (PPE) will not be extended, it has been confirmed.
Major changes to HM Revenue & Customs’ (HMRC) VAT filing system “will impact” VAT-registered businesses who have not yet signed up to Making Tax Digital (MTD), it has been warned.
The Chancellor’s VAT cut for businesses in the hospitality and leisure sectors will be extended until the end of March next year, it has been announced.
The current climate is challenging for businesses, with various measures meaning that your volume of work may have reduced, or you may have had to change your working practices.
Around two in five hospitality and leisure businesses say they’ve been “kept afloat” by the industry VAT cut, a study has revealed.
Making Tax Digital (MTD) will be extended to all VAT-registered businesses from April 2022, it has been confirmed.