The European Commission, in response to the challenges created by the Coronavirus pandemic, has decided to postpone its new European VAT rules for business-to-consumer (B2C) transactions until 1 July 2021. These new rules are part of the EU’s new e-commerce package and will look to introduce a VAT One-Stop-Shop (OSS) for B2C sales. Originally due […]
Draft legislation implements requirement for “mandatory independent scrutiny” of pre-pack administration sales
New legislation will require independent scrutiny of pre-pack sales where connected parties are involved, it has been announced.
Small businesses handed £7.8 billion through local authority grant schemes, figures reveal
More than £7.8 billion in grant funding has been delivered to small businesses through local authority grant schemes, it has been revealed.
VAT Deferral New Payment Scheme goes live
HM Revenue & Customs (HMRC) has announced that its online VAT Deferral New Payment Scheme is now open for applications to help businesses arrange smaller monthly repayments of deferred VAT. Under the New Payment Scheme, you can repay VAT deferred between 20 March and 30 June 2020 in up to 11 instalments from March 2021 […]
Year-end tax planning – what could you benefit from?
Businesses and individuals have just over a month before the tax year ends on 5 April 2021. Therefore, it is essential to utilise all the tax reliefs and allowances available to minimise your tax liabilities before this date.
Budget 2021: Hospitality businesses call for extended VAT cut
Due to the prolonged impact of coronavirus on the hospitality industry, firms within this sector urge Chancellor Rishi Sunak to extend the VAT reductions for a year in the Budget.