You are probably familiar with VAT. VAT stands for Value Added Tax. You pay VAT attached to every purchase of a product or service you make as a consumer. As a business owner VAT can quickly become much more confusing. However it’s important to understand the VAT on goods and services that you sell and how to charge it both within the UK and abroad....
A UK Freeport will be a geographical area with a diameter up to 45km which is closely linked to a sea port, airport or rail port. Eight new freeports in England are due to enter operation in late 2021, confirmed in the 2021 Budget. Areas due to receive the reintroduction of the freeport, are located in East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City...
Budget day expectations are usually highly anticipated with much speculation in the weeks leading up to it. This year however we are witnessing an absolute clamour for information from a Treasury under pressure for a sustained, rapid response, to continually unfolding events. So here is what to expect on budget day. Support packages will remain a hot topic. Last year’s budget on 11 March 2020,...
December 2020 News Update – featuring additional news developments from our newsletter series Wishing you a Very Merry Christmas. Prestige Business Management will be closed between 24th December- 3rd January. Welcome to our news update We will help keep you informed of the latest news, developments in business support and financial affairs. On 25 November 2020, the Government published Spending Review 2020. As part of...
We can expect major tax reform in the new year as we head towards a new economic climate. The Treasury is clamouring to answer how will the government manage the £300bn deficit? Which is forecast for the current fiscal year. As we bear witness to the unfolding financial crisis resulting from the pandemic, tax reform is becoming increasingly necessary. Tax reform could provide the Treasury...
September 2020 News Update – featuring additional news developments from our newsletter series This month the Chancellor announced that the Job Support Scheme (JSS) will be expanded to protect jobs and support businesses required to close their doors as a result of new coronavirus restrictions. Under the expansion, firms whose premises are legally required to shut for some period over winter as part of local...
The Construction Industry Scheme (CIS) VAT reverse charge will come into force on 1st March 2021. The CIS VAT reverse charge was due to commence in October 2019, but this was delayed twice, firstly as a result of Brexit and then the outbreak of COVID-19. The construction industry reversed charge will apply to supplies of construction work in the UK. When the reverse charge applies...
August 2020 News Update – featuring additional news developments from our newsletter series The second round of SEISS grants is open for applications from Self-Employed workers and can be accessed between 17th August until 19th October. Furthermore eligibility has been extended to new parents. Over 860,000 ‘Bounce Back Loans’ have been issued since the Coronavirus Business Interruption Loan Scheme opened in May, with new applicants...
HM Revenue & Custom have quietly slipped out new guidance shortly before the next major deadline in the timeline in the Making Tax Digital (MTD) rollout. For the uninitiated, MTD is a UK Government scheme that has a “vision” in which the tax administration system for UK taxpayers and businesses alike is more efficient and even simpler for taxpayers to navigate. The new guidance surrounds...
This is the first Autumn Budget which has taken over from the now defunct Autumn Statement. The Chancellor, Philip Hammond MP, froze the threshold for VAT, introduced reverse charging for construction industry VAT reporting and also introducing new online VAT fraud processes to clamp down on illicit online trading. VAT had made the headlines even before Philip Hammond stood up to present his Budget to...
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