The delayed Construction Industry Scheme (CIS) VAT reverse charge will come into effect on 1 March 2021, it has been confirmed.
By Neil Driver, Director at Davis Grant At this point in time, it is looking likely that the Stamp Duty Land Tax (SDLT) holiday will end on 31 March as originally intended, despite calls from many in the property sector to extend this support.
HM Revenue & Customs (HMRC) has warned businesses to watch out for tax scams ahead of the 31 January Self Assessment Deadline.
VAT is complex at the best of times, but the latest guidance on the Brexit transition makes the process of accounting for VAT on imports and services to and from the EU even more difficult, which is why we have summarised the main points for you. Import VAT Goods that move into the UK from […]
New draft legislation has been released by the Government that will look to introduce a PAYE cap on R&D tax credit claims. The cap was first announced in the 2018 Budget to prevent abuse of the R&D tax credit SME (small to medium-sized enterprise) scheme. Under the original proposal, the amount of payable tax credit […]
The temporary £1 million increase to the Annual Investment Allowance (AIA) has now been extended until 1 January 2022 to help businesses invest, the Government has announced. The increase to the AIA, which saw relief rise from £200,000 to £1 million for two years from 1 January 2019, was originally due to end in January […]
The Office for Tax Simplification (OTS) has released a new report that recommends ministers consider bringing rates of Capital Gains Tax (CGT) in line with Income Tax or consider addressing ‘boundary issues’ between CGT and Income Tax. The extensive report, intended to simplify and improve the CGT system, also recommends: Wide-ranging reductions in reliefs and […]
If you are planning on spreading some festive cheer for your employees through a virtual staff party this winter, you will need to be aware of the potential tax implications.
Disruption can be unforeseen and out of our control, and the coronavirus pandemic is a prime example of this. Many businesses have been significantly affected by the impact of the virus and the Government’s measures and the impact of exit from the EU single market are still unknown. Many businesses can face ‘disruption’, and there […]