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Corona Virus Update

We want to keep you up-to-date with the latest government announcements regarding support for businesses and individuals during this difficult time. The government’s full guidance can be found at the following links: COVID-19: support for businesses COVID-19: guidance for employees COVID-19: support for employees, benefit-claimants and businesses So far, the government has introduced the following measures to help and support businesses with the impact of COVID-19: Help to pay your tax: Deferral of VAT Tax Payments: I...

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Spring Budget Report 2020

This Report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business. Chancellor Rishi Sunak announced his first Budget, and the first since the UK left the European Union, after a postponement caused by last year’s Brexit wrangling. This guide contains advice which is designed to assist you with effective tax and financial planning. We can help to ensure that your fi...

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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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Insolvency Hierarchy Changes

From 6 April 2020, insolvency legislation will be amended to move HMRC up the creditor hierarchy for the distribution of assets in the event of insolvency. HMRC will be made a secondary preferential creditor in respect of certain tax debts held by a business (this includes individuals and partnerships) on behalf of their customers and employees. This includes VAT, PAYE income tax and CIS deductions. The rules will remain unchanged for taxes owed by businesses themselves, such as corporation tax and employer National Insurance contributions....

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PAYE Late Filing and Late Payment Penalties

HMRC has confirmed that it will continue its risk-based approach to payroll Real Time Information (RTI) late filing and late payment penalties this tax year. Rather than late filing and late payment penalties being issued automatically, HMRC will continue to issue them on a risk-assessed basis during 2019/20. HMRC has also confirmed that penalties for 2019/20 will be issued from September 2019. The August issue of the Employer Bulletin confirms: ‘HMRC will not charge penalties automatically for 2019/20, provided a Full Payment Submi...

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