The VAT reverse charge for construction is effectively an extension of the Construction Industry Scheme (CIS) and applies only to transactions that are reported under CIS and are between VAT-registered contractors and sub-contractors. The scheme means that those supplying construction services to a VAT-registered customer will no longer have to account for the VAT. Instead, the customer will account … Read more
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, HM Revenue and Customs (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 … Read more
As of 6th April 2021 new off-payroll working rules come into effect. These will affect contractors who work through their own limited company, HMRC have compiled a factsheet for contractors who think they may be affected. Who The Rules Apply To Some rules already apply to all public sector clients, but from 6 April 2021 … Read more
Marriage Allowance offers individuals the chance to transfer part of their Personal Allowance to their husband, wife or civil partner. This could reduce their tax by up to £250 a year. For some couples, this could mean a backdated payment of up to four years of claims which could be as much as £1,188. It … Read more
Rules on carrying over annual leave are to be relaxed to support key industries during COVID-19. Workers who have not taken all of their statutory annual leave entitlement due to COVID-19 will be able to carry it over into the next 2 years. The Government have amended the regulations on carrying annual leave. This will … Read more
HMRC have today announced a Self Assessment filing extension. Self Assessment customers will not receive a penalty for their late online tax return if they file by 28th February. More than 8.9 million customers have already filed their tax return. HMRC is encouraging anyone who has not yet filed their tax return to do so … Read more
HMRC will accept Covid-19 as a reasonable excuse for late filing of self assessments, as long as they explain how they were affected in their grounds for appeal and submit the return as soon as they can. Pandemic related personal or business disruption, whether to a taxpayer or their agent, might very well constitute a … Read more
With the self assessment deadline of 31st January speedily approaching HMRC have announced around 5.4 million are yet to submit their returns. HMRC expects 12.1 million tax returns to be filed this year. Around 55% have already filed their returns, with more than 6.2 million choosing to submit online (93% of all returns filed). Almost … Read more
With the Self Employment Income Support Scheme being extended to provide support until March 2021 HMRC have published the details for the third grant. The Changes The eligibility rules have changed, however a self assessment tax return for 2018-19 will need to have been submitted and will need to show income from self employment. The … Read more
Capital Gains Tax changes self assessment taxpayers need to know. HMRC is reminding taxpayers that they have until 31 January 2021 to declare any profit made from selling a UK residential property, which was not their main home, during the 2019-20 financial year. Since 6 April 2020 there have been changes to how taxpayers declare … Read more
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