March 2020
01
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Latest News
CIS Domestic Reverse Charge for VAT - Changes Deferred until 1 October 2020
HMRC have announced that the start date for the CIS Domestic Reverse Charge for VAT has been deferred for 12 months. The new legislation regarding the treatment of VAT in the construction industry will now take effect from 1 October 2020. If you are a contractor or sub-contractor in the construction industry, the new rules may be relevant to your business. We have set out guidelines below about the changes to ensure that you are ready before they are implemented next year. If you have any further questions, please don’t hesitate to contact...
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Digital Services Tax
From April 2020, the government will introduce a new 2% tax on the revenues of search engines, social media platforms and online marketplaces which derive value from UK users. However, this only applies when the group’s worldwide revenues from these digital activities are more than £500m and more than £25m of these revenues are derived from UK users. Jesse Norman, Financial Secretary to the Treasury and Paymaster General, said: ‘The UK has always sought to lead in finding an international solution to taxing the digital economy. Thi...
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