Latest News VAT The Winter Economy Plan announced the VAT Deferral New Payment Scheme, which is applicable to any VAT vendors who deferred their VAT payment due between March and June 2020. Those vendors can now opt to make up to eleven small repayments of the deferred amount in the year to 31 March 2022 instead of 31 settling the VAT payment by March 2021. Self-Assessment Further extension of time: Vendors have been given additional time to pay for self-assessment. Taxpayers

Barclays has been fined £26m for the unfair treatment of customers who fell into debt or are experiencing financial difficulties. The Financial Conduct Authority (FCA) said Barclays ‘poor treatment of its customers’ risked making difficulties worse. The FCA further went onto say ‘Barclays knew about many of the shortcomings but failed to adequately resolve until late 2018’. What happened? The problems mainly affected individual current account holders and small business custo

Taxation Bill: After 31 December 2020, Northern Ireland (NI) will have a dual position. It will not be an EU member but will continue to follow the EU Customs Union, Single Market, and VAT rules. The new Taxation (Post-transition Period) Bill will implement important aspects of the protocol accordingly. A key part of the bill will ensure that EU goods that are imported into NI from the Republic of Ireland will not be subject to checks or customs duties. In terms of movement

Foster carers HMRC treats all foster carers as self-employed for tax purposes. Foster careers might have to pay tax on the money they receive, after deducting expenses and any available personal allowance. The tax scheme for foster carers is known as Qualifying Care Relief (QCR). Carers can claim a tax deduction against income instead of the expenses they incur allowing it to be easy to calculate taxable amounts. Who is eligible? You can use qualifying care relief if you have