In order to take advantage of the new payment, scheme businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral Scheme. They will now be given the option to pay their deferred VAT in equal consecutive monthly instalments from March 2021. . In order to qualify and opt into the new payment scheme, you must: • join the scheme yourself, your accountant cannot do this for you • still have deferred VAT to pay • be up

In a Freedom of Information request to HMRC, the All-Party Parliamentary Loan Charge Group was told that five contractors were identified as being open to the loan charge as they had benefited from disguised remuneration (DR). The contractors were hired by a wholly-owned subsidiary company, Revenue and Customs Digital Technology Services Limited (RCDTS). The APPG report stated: ‘As has been previously provided, in November 2018, HMRC was aware of five individuals who had a hi

As part of its commitment to transparency, HMRC has outlined a principled approach to ensure compliance with the change to the off-payroll working rules from 6 April 2021. Organisations that need to comply with the rules include: public sector authorities which engage contractors who work through their own limited company or other intermediaries; medium and large-sized private sector organisations which engage contractors who work through their own limited company or other in

Brexit Businesses buying and selling goods to customers in the EU have been inundated with new procedures and guidance from HMRC. By contrast, there is little information about the effect of Brexit on VAT for businesses in respect of charges they make for the supply of services. Supply of services For services you supply to EU customers you must first decide where the supply takes place for VAT purposes. This is not straightforward. Just because your business is in the UK it

Court ruling On 18 January 2021, The Supreme Court ruled that insurance companies must pay out on business interruption insurance policies which included clauses for loss of income resulting from notifiable diseases (coronavirus) and enforced closure of business premises. Taxable or not? A few reports suggest that only if a business received tax relief for the policy premiums would it be taxed on any payouts. Whilst this is true for some types of insurance, it’s not the case