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The Import One-Stop Shop (IOSS) is the electronic portal businesses can use since 1 July 2021 to comply with their VAT e-commerce obligations on distance sales of imported goods. According to the VAT rules applicable up until 1 July 2021, no import VAT has to be paid for commercial goods of a value up to […]

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HMRC publishes guidance on the fifth SEISS grant

Full details of the fifth SEISS grant, including a new turnover test which determines the level of the grant, are now available. Level of grants In most respects the rules for the fifth Self-employment Income Support Scheme(SEISS) grant are the same as for the fourth grant. What has changed is that the level of the […]

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Budget 2021

Please find our Budget 2021 Summary. With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the 2021 Budget against a backdrop of ongoing economic hardship. Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. However, it also looks beyond the headlines and […]

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The FCA offer guidance on scams related to coronavirus (Covid-19)

The FCA is closely monitoring the coronavirus (Covid-19) situation and are advising on the steps you can take to stay aware of any possible impact on your finances from scammers. The FCA will be providing regular advice for consumers and firms on the FCA Website. Be aware of new tactics… Watch out for scams related […]

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Is It Worthwhile Having A Company Car Anymore?

There are many advantages to running your own business, like the freedom of being your own boss, the greater control, and possibility of lucrative rewards. But there can often seem like thousands of things you need to know to run it successfully. Paying tax, and just the right amount of tax for your circumstances, is […]

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HMRC halts thousands of scam text messages

HMRC have announced that they have stopped thousands of taxpayers from receiving scam text messages ‘with 90 percent of the most convincing texts now halted before they reach their phones’. HMRC’s press release states: ‘Fraudsters alleging to be from HMRC send text messages to unsuspecting members of the public. In these messages they will make false […]

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VAT: reverse charge for building and construction services

The VAT reverse charge for building and construction services comes into effect from 1 October 2019. The reverse charge represents part of a government clamp-down on VAT fraud. A reverse charge means that a contractor receiving a supply of construction services must account for the output VAT due, rather than the sub-contractor who supplied the […]

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Government fast-tracks Spending Review to give ‘financial clarity’ on Brexit

Chancellor Sajid Javid has announced that a one-year Spending Review will be carried out in September, in order to provide government departments with ‘financial clarity’ ahead of Brexit. According to the Chancellor, a one-year budget allocation would allow civil servants to simultaneously press ahead with improvements to public services and prepare for Brexit, which is […]

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MPs call for review of HMRC loan charge

MPs are calling for an independent review of HMRC’s controversial loan charge, which came into effect earlier this year. In a letter to Chancellor Sajid Javid, MPs have called for a thorough review of the loan charge and a delay to the 31 October loan charge payment deadline. The loan charge, which came into effect […]

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