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.
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.
The VAT domestic reverse charge has been delayed. Use the time to understand and prepare for it if you are a VAT registered individual or business in the construction industry.