Spring Statement Summary 2022
A summary of the Spring Statement 2022 and a round up of the significant measures announced in the two 2021 Budgets that may impact your finances.
Delay in reform of VAT penalty system
The reform of the VAT penalty system, which brings consistency to late payment and interest penalties and replaces the default VAT surcharge with a points based system, has been delayed until January 2023.
Covid support measures ending 30 September
Here is a quick recap of the Covid support measures ending on 30 September 2021
What VAT rate applies to the hospitality industry from 1 October 2021?
Supplies made by the hospitality industry that have been subject to a 5% VAT rate since July 2020, will become liable to 12.5% VAT between 1 October 2021 and 31 March 2022.
Penalties for late submissions to HMRC
A recap of HMRC’s proposals to reform the penalties for late submissions to a points based system.