HMRC has clarified the payment options and how to join the VAT deferral new payment scheme. The online service will be open between 23 February and 21 June 2021.
Following Rishi Sunak’s economic statement to the House of Commons on 11 Jan 2021, Craig Simpson, tax partner at Bates Weston, looks at the tax changes that may be ahead in the Budget on 3 March 2021.
The Chancellor has outlined his plans to protect the jobs and livelihoods of millions, as the country continues to try and manage the virus. Here is our summary.
HMRC has begun writing to all VAT registered businesses currently trading with the EU, to explain the steps they need to take to prepare for the new trade arrangements from 1 January 2021.
On 21 July the government published its 10 year strategy for the tax system. This included its plans to extend the Making Tax Digital initiative.
As part of the government’s approach to support economic recovery, the Chancellor announced a temporary cut in the rate of VAT, from 20% to 5%, from the 15 July 2020 to 12 January 2021 for the leisure and tourism sectors.