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
VAT, self assessment and the Coronavirus Job Retention Scheme
In addition to the briefing we shared last week, we wanted to provide you with an update on further measures that have been announced by the government to support businesses during the coronavirus pandemic. The latest measures include deferring VAT and self assessment payments for six months and the Coronavirus Job Retention Scheme. VAT The deferral… View Article
Changes to Capital Gains Tax on property
For those thinking about disposing of property, there are a number of important tax changes on the horizon to be aware of. Nottingham Chartered accountants Clayton & Brewill highlights some of the key changes to Capital Gains Tax on property, including those being made to the final period exemption, lettings relief, and the way in… View Article
Self Assessment deadlines: key dates to be aware of
With key dates for Self Assessments coming up fast, Nottingham chartered accountants, Clayton and Brewill, highlights some important deadlines you need to be aware of and explains why it’s a good idea to get your tax return done sooner rather than later. For those who are self employed, a Self Assessment is the process by… View Article
Non-Contentious Probate Fees Order scrapped
Despite insisting that plans to introduce a new probate fees structure would go ahead next year, the Ministry of Justice announced today that the Non-Contentious Probate Fees Order has been scrapped. In this article, Nottingham chartered accountants Clayton and Brewill explains these recent developments. As we explained in an article earlier this month, the Non-Contentious… View Article
Domestic reverse charge delay explained
The government has announced that it will delay the implementation of the domestic reverse charge until October 2020, citing industry concerns and Brexit as key reasons behind the postponement. Nottingham chartered accountants Clayton & Brewill explains what you need to know about the reverse charge and why it has been delayed. The delay HMRC has… View Article
Claiming capital allowances
Getting tax relief on a claim for capital allowances is not always plain sailing. This was recently highlighted at a tax tribunal, where a taxpayer faced the possibility of forfeiting tax relief on 80% of his expenditure. Nottingham chartered accountants Clayton & Brewill explains more about this particular case and the recent changes around capital… View Article