HMRC Archives - Page 23 of 37

Apr 05 2021

Postponed Import VAT Accounting

By admin Brexit, HMRC, Potts & Co Accountancy & Business Advice News, VAT

Life outside of the EU is considerably more complicated for businesses in Great Britain who import goods, as import VAT applies to the value of most goods that come in. There are different rules for businesses in Northern Ireland. There are three options for dealing with this import VAT and…

Apr 05 2021

Fraud In Tax Repayments

By admin Coronavirus Job Retention Scheme (CJRS), Fraud, HMRC, Potts & Co Accountancy & Business Advice News, Self-Employed Income Support Scheme (SEISS)

It is a sad fact that some fraudsters have obtained SEISS grants by using innocent taxpayers' Government Gateway IDs and passwords. Once the ID has been proven to work, the fraudsters attempt to double their money by submitting false tax returns to claim tax refunds. HMRC is aware of this…

Apr 04 2021

VAT Debt Paid In Instalments

By admin Covid-19, HMRC, Potts & Co Accountancy & Business Advice News, VAT

A year ago, at the start of the Covid-19 pandemic, the Government automatically deferred all VAT due to be paid to HMRC between 20 March to 30 June 2020. The direct debit to collect that VAT was not activated by HMRC and no interest or late payment surcharges have been…

Apr 03 2021

VAT For Sub-Contractors In Construction

By admin C.I.S., HMRC, Potts & Co Accountancy & Business Advice News, VAT

A fundamental change to VAT charged within the construction industry came into effect on 1 March 2021. As a sub-contractor you should no longer charge VAT on your invoices to other businesses in the construction industry if all of the following conditions apply: the work done would be subject to…

Apr 02 2021

SDLT Surcharge For Non-Residents

By admin HMRC, Potts & Co Accountancy & Business Advice News, Stamp Duty Land Tax

Stamp duty land tax (SDLT) applies to purchases of most land and buildings in England and Northern Ireland. Wales and Scotland impose different land taxes. For purchases of residential property completed from 1 April 2021, a 2% surcharge will apply where any of the joint purchasers are not UK-resident. This…

Apr 01 2021

Prepare For Off-Payroll Working

By admin HMRC, IR35, Potts & Co Accountancy & Business Advice News

The IR35 rules have been around for over 20 years but those rules have been redrawn and renamed 'off-payroll working'. In the public sector the engager (the end client) determines whether off-payroll working applies to a contract operated by a personal service company (PSC). This will also be the case…

Mar 30 2021

Fourth SEISS Grant

By admin Covid-19, Grants, HMRC, Personal Tax, Potts & Co Accountancy & Business Advice News, Self Assessment, Self-Employed Income Support Scheme (SEISS)

Self-employed individuals will be able to apply for the fourth SEISS grant from late April if they submitted their tax return for 2019- 20 by midnight on 2 March 2021 (it was due by 31 January 2021). HMRC has asked for additional evidence from two categories of taxpayer. This will…

Mar 29 2021

Ideal Salary For 2021-22

By admin HMRC, National Insurance, Personal Tax, Potts & Co Accountancy & Business Advice News

As the owner and director of your own company, you decide how much salary to take each year. Paying yourself a small salary can be a good way to maintain your national insurance record to build up state benefit entitlements. In the tax year 2021-22 if you take a salary…

Mar 21 2021

VAT Boost for Hospitality

By admin Budget Update, Covid-19, HMRC, Hospitality Industry, Potts & Co Accountancy & Business Advice News, VAT

Many hospitality venues have been closed for almost a year and are still unable to open under the Covid-19 restrictions. To help them survive this period, the Government has given them a 15% VAT reduction on most sales. Where the business would normally collect 20% in VAT they currently only…

Mar 20 2021

Two New SEISS Grants

By admin Budget Update, Covid-19, Grants, HMRC, Potts & Co Accountancy & Business Advice News, Self-Employed Income Support Scheme (SEISS)

As a self-employed individual, you may have been able to claim up to three grants under the self-employed income support scheme (SEISS) since the start of the pandemic. Two more SEISS grants will soon be made available, capped at £7,500 each. Each of these new grants will be based on…

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