The government introduced the requirement for individuals to report disposals of UK residential property and pay any capital gains tax (CGT) due within 60 days of completion on 6 April 2020. HMRC has clarified a CGT property return must be filed even if the disposal has already been reported on a self-assessment tax return.
The making tax digital (MTD) rules currently only apply for businesses that submit VAT returns. Those traders need to keep their VAT records in a digital format and transmit their VAT return data directly from their digital records to HMRC using MTD-compatible software.
All late paid tax now carries interest at 3%. Where the tax has been outstanding for more than six months a 5% surcharge on the outstanding amount may also apply.
In uncertain times people instinctively look for alternative ways to invest and some may choose cryptoassets such as Bitcoin and non-fungible tokens. If you decide to go digital with your investments, think about how the profit or loss you make on these assets will be taxed.
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.
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.
Following the increase in the base rate, HMRC has confirmed that the late payment interest rate will rise a quarter of a percent from 21 February
There has been an added twist on VAT rules for invoicing overseas clients post-Brexit. Business to business (B2B) supplies of professional services, such as those of an accountant were and continue to be treated as being supplied where the recipient belongs, in line with the place of supply of services general rule; a different treatment…
