VAT domestic reverse charge: your questions answered
Having been delayed to March 2021 as a result of the pandemic, the introduction of the VAT domestic reverse charge change for construction is now upon us. In this article, Nottingham chartered accountants Clayton & Brewill provides answers to the most frequently asked questions around the reverse change and highlights how you can prepare your… View Article
Business diversification: implications for tax
Responding to the challenges posed by COVID-19, many organisations have changed their core business in order to adapt to ever-changing lockdown restrictions. But whether you’re a florist making face masks or a farm shop starting home deliveries, it’s important to consider the tax implications that business diversification could have, as Nottingham chartered accountants Clayton &… View Article
IR35 changes fast approaching
The overhaul to the IR35 rules, postponed because of Covid-19, is fast approaching. For most off-payroll workers, it adds up to a big change to procedure from 6 April 2021. In this article, Nottingham chartered accountants Clayton & Brewill explains why the change is all about tax and employment status, and who makes the decision… View Article
The benefits of tax investigations protection
The cost of defending yourself against a HMRC investigation is potentially huge; even when the outcome of the enquiry results in no adjustments to your tax position, defence fees can be just as costly. It is therefore a more important time than ever to having tax investigations insurance in place, as Clayton & Brewill explains…. View Article
Making Tax Digital extended to SMEs
The government has confirmed that all VAT registered businesses will have to comply with Making Tax Digital (MTD) from 1 April 2022, with MTD for income tax delayed until 6 April 2023. Here, Nottingham chartered accountants Clayton & Brewill provides an update on the recent extensions. Businesses below the threshold In line with the government’s… View Article
Working from home: what are my tax obligations as an employer?
As we adjust to a more socially distanced post-lockdown world, figures indicate that many UK businesses – having seen the benefits of flexible, remote working – are now opting to ditch the office building and make home set-ups a more permanent arrangement. But the upsurge in homeworking brings certain tax obligations that employers need to… View Article
Domestic reverse VAT charge for construction on hold until 2021
The introduction of reverse charge VAT on construction services, which has already been pushed back to 1 October 2020, will now be introduced on 1 March 2021. The antifraud measure aims to eliminate the risk of a fraudulent supplier invoicing for work that it has allegedly supplied together with VAT, which it then fails to… View Article
Refunds for missed VAT deferral payments can now be claimed
Taxpayers who wanted to defer VAT payments due between 20 March 2020 and 30 June 2020, but did not manage to cancel their Direct Debit in time can claim a refund, HMRC has confirmed. According to HMRC, the quickest way for a claim to be processed is if taxpayers submit a Direct Debit Indemnity Claim to their… View Article
Entrepreneurs’ Relief: a new name and a lower lifetime limit
Despite worries it may be scrapped altogether, Entrepreneurs’ Relief (ER) lives on in 2020, but with a new name – Business Asset Disposal Relief – and a new, lower lifetime limit, as Nottingham chartered accountants Clayton & Brewill explains. What is Entrepreneurs’ Relief (ER)? ER is a capital gains tax (CGT) relief available not just to company… View Article
New tax year changes: IR35, NICs and personal tax
As we moved into the new 2020/21 tax year last month, a number of changes came into force, including a rise in National Insurance contribution limits and an increase to the two income thresholds used to calculate the annual allowance. The government also announced that the proposed IR35 changes are on hold until April 2021,… View Article