Due to COVID19, some businesses are experiencing long delays in obtaining a VAT number after submitting the registration form. HMRC acknowledged the delays earlier this year and have asked businesses to be patient whilst the backlog is worked through. However, a business that is new to VAT may be confused about what they need to do in the interim.
Strictly speaking, if a business is registering due to exceeding the historic twelve-month turnover threshold it must start charging VAT from the first day of the second month…
Since April 2020, UK-resident taxpayers have been required to report gains on residential property, and make a payment on account of the tax due, within 30 days of completion. One of the key features of the reporting regime is that this 30-day reporting is only required where tax is due. If a gain is covered by the available annual exempt amount, or by losses that have crystallised before the completion date (but not later losses – even from the same tax year), no special return is needed. In…
The P11D filing deadline for 2020/21 is 6 July 2021. Usually, this is a routine exercise in most cases. However, due to COVID19, some additional consideration may be required this time round. HMRC have published guidance regarding certain items that need some thought because of the pandemic.
Any COVID19 tests provided by the government as part of its national testing scheme, for example for healthcare workers and other frontline staff, are not treated as a benefit in kind.
For other employers, the cost…
Finance Act 2021
The Finance Bill that was published on 11 March 2021 received Royal Assent on 10 June and can be viewed online here.
From 1 July the level of government support for the furlough scheme will reduce. The government contribution will fall to 70%, subject to a cap of £2,187.50 per month. The employer will now be required to make a contribution of at least 10% (up to £312.50) to maintain the 80% employees were previously entitled to. Employers can…