RESOURCES

VAT

UK Tax Rates & Budget Update

Budget update From a tax perspective, not much new was announced. The main items that are likely to impact our clients are: confirmation of the increase in dividend taxes by 1.25% (See below and our note 8/9/21) confirmation of the 1.25% increase in National Insurance from April 2022 (See our note 8/9/21) extension of Capital […]

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Self-Assessment 2021/22 – Deadlines & Penalties

This is the time of year when key tax deadlines start to loom large. Miss these, and the result is almost certainly heavy penalties. These dates apply for the tax year 2020/21, which ended on April 5th this year. You can read about deadlines and penalties here. 5th October 2021 – register for self-assessment Is […]

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Deferred VAT – How to avoid a late payment penalty

Overview You may have taken advantage of the deferred VAT scheme. If you did, you should read this note.  Deferred VAT Penalty If you do not pay your Deferral VAT in full or make an arrangement to pay by 30 June 2021, you may be charged a 5% penalty and interest.  How to avoid the penalty Basically, you need to do one […]

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UK VAT reclaims for overseas businesses

Purpose of note “Reclaiming VAT for overseas businesses” This note explains how an overseas business that is not allowed to register for UK VAT can still reclaim import and other UK VAT. This situation often applies to overseas companies active in UK construction projects. I have written it in response to a number of questions […]

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2021 Budget Update

Aim of note The aim of this note is to summarise some of the policies announced in yesterday’s budget. I have selected the points that are most likely to be relevant to our clients. The list is not meant to be comprehensive. You can see a summary of the points here and the full budget […]

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COVID: VAT deferral extended

Overview HMRC recently provided an update of their VAT deferral scheme. This note summarises HMRC’s guidance, You can read the guidance in full here. The VAT deferral scheme Basically, if you deferred VAT payments at the start of COVID (between 20 March and 30 June 2020) and you still have payments to make, you can […]

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Xero – import & export VAT post Brexit

Overview From 1st January 2021 (post Brexit) new rules apply for accounting for import and export VAT. This has made recording imports and exports on Xero quite a lot harder. This note explains some of the new rules and how to record import and export transactions in Xero. You can see a similar note for […]

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QuickBooks – import & export VAT post Brexit

Overview From 1st January 2021 (post Brexit) new rules apply for accounting for import and export VAT. This has made recording imports and exports on QuickBooks quite a lot harder. This note explains some of the new rules and how to record import and export transactions in QuickBooks. You can see a similar note for […]

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