The latest Tax News, VAT News, HMRC News and Fee Protection Insurance News from the experts at Vantage Fee Protect.
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Selling goods to the EU after 31/12/2020
VAT and UK businesses selling goods to the EU after 31/12/2020 With effect from 1/1/2021 sales of goods from the UK to the EU will no longer be EC Sales or Distance Sales but will instead be zero-rated exports for the purposes of UK VAT, whether the customer in the EU is a business or…
HMRC Awakens…
It has been widely publicised that there was an initial reduction in HMRC compliance activity when the first lockdown commenced back in March. With HMRC in the same boat as most, adapting to working from home and unable to undertake face to face compliance work and given that politically it was not the time to…
Reasonable Excuse – Recent Development
The recent case of Belloul v HMRC provides an interesting view on the concept of the definition of “reasonable excuse” for tax purposes. HMRC The case related to HMRCs ability to charge penalties for the taxpayers’ failure to notify them about their liability to the High Income Child Benefit Charge (HICBC) dating back several years.…
Transfer of Private Residence – Private Residence Relief
Transfer of Private Residence - Private Residence Relief Finance Act 2020 introduced changes under paragraph 24 regarding the period of ownership of main residences. The changes apply to disposals in or after 6 April 2020. The matter under consideration is the transfer of an interest in the only or main residence between spouses or civil…
Adversely affected business by coronavirus
Self-Employment Income Support Scheme What is an Adversely Affected Business? A taxable grant was payable to eligible self-employed individuals (and partners) in the course of the COVID-19 crisis. HMRC will and have already started policing claims to ensure that only those eligible were in receipt of the grant. Many of the qualifying criteria are factual.…
Coronavirus Job Retention Scheme Update
As part of the phased withdrawal of the Coronavirus Job Retention Scheme (CJRS), further changes have been introduced as from 1 September 2020. Furloughed workers should continue to be paid 80% of their usual wages up to the £2,500 upper limit. The CJRS grant is still available but now restricted to 70% of the usual…
Reasonable Excuse – Recent Development
The recent case of Belloul v HMRC provides an interesting view on the concept of the definition of “reasonable excuse” for tax purposes. Penalties The case related to HMRCs ability to charge penalties for the taxpayers’ failure to notify them about their liability to the High Income Child Benefit Charge (HICBC) dating back several years.…
MTD for ALL VAT registered businesses
On 21 July 2020 HMRC updated previously published guidance on MTD to confirm that from 1 April 2022 ALL businesses that are registered for VAT will be required to maintain records on and submit VAT return using MTD compliant software. Links to this revised guidance are below but HMRC have yet to update or amend…
Temporary VAT Rate Change in Hospitality and Tourism
Following the easing of the Covid-19 lockdown for businesses in the hospitality and tourism industries and in an attempt to stimulate a recovery in those businesses the Chancellor has recently announced that VAT on certain supplies of foods and drink, accommodation, or admission to attractions would temporarily be reduced from 20% to 5%, applying to…
Temporary reduction in the VAT rate
Temporary reduction in the VAT rate for hospitality businesses The Chancellor has today announced further measures to assist with job retention and to help stimulate business and the economy as business begin to open up after the Covid-19 lockdown. To help businesses in the tourism and hospitality industries VAT will be temporarily reduced from 20%…
Temporary Changes to SDLT
Yesterday the Chancellor announced a temporary change in the Stamp Duty Land Tax (“SDLT”) thresholds. The changes apply to all properties purchased and new leases granted between 8 July 2020 and 31 March 2021 in England and Northern Ireland. The 0% bracket has been extended from a cap of £125,000 to £500,000. This will result…
The End of VAT Deferral
VAT Deferral Scheme Many businesses will have taken advantage of the Governments VAT Deferral scheme which allowed a business to defer until 31/3/2021, without penalty, the VAT due to be paid on VAT returns with a due date ending between 20 March 2020 and 30 June 2020; essentially payments due for the quarterly VAT returns…
Covid-19: Flexible Furlough
Coronavirus Job Retention Scheme Late on Friday evening (12 June 2020) HMRC announced more details relating to the changes to the Coronavirus Job Retention Scheme (“CJRS”) which will apply from1 July 2020. The main change was confirmation that the CJRS will close on 31 October 2020. Flexible Furlough Changes HMRC had previously announced that from…
Coronavirus update – Deferment of July 2020 Payment on Account
HM Treasury have recently released an update on the option for a taxpayer to defer their second Self-Assessment Payment on Account which would usually be due by 31 July 2020. What is it? The Self- Assessment payment on account, that is ordinarily due to be paid to HMRC by 31 July 2020 may now be…
What is IR35?
IR35 is a set of tax rules which form part of the Finance Act. The original part of legislation came into force in April 2000 and is correctly known as the Intermediaries Legislation. IR35 takes its name from the original press release published by the then Inland Revenue informing of its creation. IR35 is a…
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