VAT – Input tax that cannot be reclaimed A VAT-registered business can reclaim the VAT that it incurs on business expenses. Most businesses expect to be able to reclaim all the VAT that they incur on expenditure. There are, however, a number of exceptions to this general rule. The main types of VAT that cannot … Read more
The tax gap for the 2020 to 2021 tax year is 5.1%. Statistics published on the 23 June 2022 by HM Revenue and Customs (HMRC) reveal the estimated tax gap for the 2020 to 2021 tax year is 5.1% – the second lowest recorded percentage – and is unchanged from the previous year. The annual Measuring … Read more
First Plastic Packaging Tax returns due this month Businesses that are now liable for the Plastic Packaging Tax (PPT) will need to file their first returns this month. The UK’s PPT took effect from 1 April 2022 and the first return will cover the period from the date the business became liable to register for … Read more
Paper £20 and £50 banknotes to be withdrawn from circulation. The Bank of England (BoE) has reminded the public that it will be withdrawing the legal tender status of paper £20 and £50 notes after 30 September 2022. According to the Bank, there are still over £6 billion worth of paper £20 notes and over … Read more
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