News
Keep your supply chain strong with three top tips
08 March 2021
With manufacturing slowing and anxiety growing, reinforcing your supply chain post-Brexit has never been more important. Many different factors can affect a supply chain, not least the complications created by the new customs and trade arrangements. Here are our three top tips to keeping your business moving post-Brexit and beyond.
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Budget 2021
03 March 2021
In the year since the Chancellor, Rishi Sunak, delivered his first Budget to a packed Commons chamber in March 2020, more than 135,000 people in the UK have died from Coronavirus, there have been three national lockdowns, the economy has shrunk by 9.9 per cent and Coronavirus support measures have cost around £280 billion.
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EU VAT One-Stop-Shop to launch in July 2021
01 March 2021
The European Commission, in response to the challenges created by the Coronavirus pandemic, has decided to postpone its new European VAT rules for business-to-consumer (B2C) transactions until 1 July 2021. These new rules are part of the EU’s new e-commerce package and will look to introduce a VAT One-Stop-Shop (OSS) for B2C sales.
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Commodity codes, explained
01 March 2021
If you move goods to or from anywhere in the world, you will need to use a commodity code to classify your consignment. Here’s what you need to know. What is a commodity code? The UK now uses a standardised set of codes, borrowed from the World Trade Organisation (WTO) “Harmonised System”, to classify goods. These are known as commodity codes.
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VAT Deferral New Payment Scheme goes live
24 February 2021
HM Revenue & Customs (HMRC) has announced that its online VAT Deferral New Payment Scheme is now open for applications to help businesses arrange smaller monthly repayments of deferred VAT. Under the New Payment Scheme, you can repay VAT deferred between 20 March and 30 June 2020 in up to 11 instalments from March 2021...
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Self-Assessment late payment penalties relaxed but interest still accrues
22 February 2021
Following HM Revenue & Customs’ (HMRC) announcement that it is waiving late filing penalties for Self-Assessment taxpayers who file by 28 February, it has now announced that it is waiving the five per cent late payment penalty that usually applies from 3 March for taxpayers who pay or set up a payment plan by 1 April 2021.
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The SME Brexit Support Fund: how do I apply and how much could I get?
19 February 2021
The SME Brexit Support Fund will open to applications imminently. To help your business secure vital support, here’s everything you need to know. What is the SME Brexit Support Fund? Announced this month, the £20 million fund is designed to help small and medium-sized enterprises with changes to trade rules with the EU...
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Basic rate taxpayers could face ‘high income’ child benefit charge
18 February 2021
Due to a mismatch of earnings thresholds, basic rate taxpayers may unexpectedly come under the scope of the High Income Child Benefit Charge in April. The Low Incomes Tax Reform Group (LITRG) has issued a warning to families that they may be subject to a tax charge when claiming Child Benefit due to a discrepancy between two earnings...
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The VAT Reverse Charge for the Construction Industry Scheme – Are you ready?
18 February 2021
From 1 March 2021, businesses within the Construction Industry Scheme (CIS) must record, report and pay VAT under the new VAT domestic reverse charge rules. This change affects both contractors and subcontractors and the supply of certain kinds of construction services in the UK. Under the new rules, VAT registered subcontractors...
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Large and medium-sized businesses need to be ready for IR35
18 February 2021
Large and medium-sized businesses now just have a couple of months left to prepare for the changes to the off-payroll working rules (IR35). From 6 April 2021, in most cases, the engager (employer) will be responsible for deciding whether to deduct tax and National Insurance Contribution (NICs) from freelancers and contractors...
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Case Studies
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Taxing demands with old school charm
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Customer care is top of the list for packaging business
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A shared passion for architecture and a head for numbers
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Cut above the rest in personal management style
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Sometimes a business does exactly as it says on the tin
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A taste for growth, a thirst for knowledge
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Smiles all round for dental practice
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Child's play with proactive accounts management
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A modern approach required for music moguls