Temporary tax reliefs on qualifying investments

This applies to companies within the charge to Corporation Tax investing in plant and machinery on or after 1st April 2021. The companies can claim for the investments made in qualifying expenditures between 1st April 2021 and 31st March 2023: Super deduction offering 130% first-year relief on qualifying main rate…

Late submission of VAT returns

The deadline for your VAT return is generally 1 month and 7 days after the end of a VAT reporting period. Completing a VAT return approx. every 3 months will determine how much VAT is due. This lets HMRC know the figures of your total sales and purchases in the…

Can Tax Agents help with deferred VAT?

Due to the COVID-19 pandemic, all VAT registered businesses had the option available for their VAT payments to be deferred automatically for amounts due in the periods from 20th March to 30th June 2020. No interest or penalties have been charged on that outstanding VAT debt, and businesses have been…

Domestic Reverse Charge – After Brexit

What happens now? After Brexit, transactions between VAT-registered businesses between the UK and EU countries will be treated as foreign transactions and reverse charge will not apply. Previously, the reverse charge was applied to all products and certain services between UK and EU businesses. Transactions between Northern Ireland and the…

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