HMRC has written to all VAT-registered businesses in Great Britain who trade with the EU and/or the rest of the world. The letters highlight what they need to do to prepare for the UK’s exit from the EU at the end of this year. The letters point out that the actions required to ensure they … Read more
Further support for hospitality and accommodation businesses in the form of reduced VAT. The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: hospitality hotel and holiday accommodation admissions to certain attractions The temporary reduced rate will apply … Read more
HMRC has announced a five-month delay to the introduction of the VAT reverse charge for construction services, due to the impact of the coronavirus pandemic. The new rules mark a complete overhaul of the way VAT is payable on building and construction invoices, as part of moves to reduce fraud in the sector. Under the … Read more
Payment dates to HMRC changed due to COVID-19 With the outbreak of COVID-19 gripping the nation HMRC have announced some changes to the payment dates for VAT and Self-assessment. I would like to take this opportunity to clarify that although there has been a change to the payment deadlines the returns still have to be … Read more
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by the Coronavirus. This includes a package of measures to support businesses including: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory Sick Pay relief … Read more
The aim of the Coronavirus job retention scheme is to avoid people losing their jobs altogether, the government will reimburse 80% of the wage costs of “furloughed workers”, ie workers who are sent home and do not do any further work for the organisation. All UK employers, including charitable or non-profits, are eligible. Employers need … Read more
The domestic reverse charge is a major change to the way VAT is collected in the building and construction industry. Coming into effect on 1 October, 2020 it will mean the customer receiving the service should pay the VAT due to HMRC not the supplier. It will only apply to individuals or businesses registered for … Read more
HMRC have issued an update to help VAT registered businesses that trade with Europe prepare for when the UK leaves on the 31st January 2020. 31st January 2020 After the 31st January the UK will no longer be part of the European Union. There will be an implementation period that will last until 31st December … Read more
It is reported that we are seeing Highest UK Taxes since 1950’s with a staggering 7% increase. In the 1950s taxes accounted for just under a third of GDP at 27.5% which was £5.8bn, since then tax revenue rose to £627.9bn in 2018-19. This is forecast to rise in 2019-20 to £757bn, equivalent to a … Read more
At AJR & Co Ltd we offer a variety of accountancy services: As members of the Institute of Chartered Accountants in England and Wales, we prepare Statutory Accounts for your business with legal and relevant guidelines complying with the deadlines imposed by HM Revenue & Customs and The Registrar of Companies, where relevant. We work … Read more
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