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.
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.
Here is a quick recap of the Covid support measures ending on 30 September 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.
A recap of HMRC’s proposals to reform the penalties for late submissions to a points based system.