Hospitality VAT rates increase
The hospitality and tourist sectors have been supported through the Covid-19 pandemic by being able to pay a reduced amount of VAT to HMRC in respect of most sales.
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MTD for VAT is compulsory
For VAT periods starting on and after 1 April 2022 all VAT records must be recorded digitally and returns must be submitted under the Making Tax Digital (MTD) regime. If you are not already submitting your VAT returns using MTD-enabled software (or asking us to do so) you need to take action.
Increases in income tax
The tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6th April 2022. Higher rate taxpayers will pay 33.75% on dividends and additional rate taxpayers must budget for dividend tax of 39.35%. These rates will apply to all dividends taken from all companies where the total dividend…
What to include on your VAT invoice?
HMRC will block recovery of VAT on invoices that do not clearly state what goods or services were supplied. We have heard that HMRC officers are using this power to query the validity of invoices, particularly in the construction sector and from employment agencies.
Going digital in advance of MTD
From 6 April 2023 all unincorporated businesses will have to keep their business records in a digital format and submit quarterly reports derived from those records to HMRC using MTD-compatible software. These are the basic obligations under making tax digital for income tax self assessment (MTD ITSA).
SDLT holiday, time to invest in property?
One of the key measures announced by the Chancellor in July was the reduction in Stamp Duty Land Tax (SDLT) on residential property. The purpose of the reduction is to boost the housing market and support the construction industry.
Landlords! When does the cash basis apply?
Read this blog post to find out more information on when cash basis applies.
Stress Testing and Scenario Analysis
The global pandemic has ensured we will never forget 2020! Of particular importance to business is to revisit your strategic plan.