March 2021 – Excited About Electrics

Excited about electrics The taxable benefit for having an electric company car is currently nil, but from 6 April 2021 the taxable benefit will increase to 1% of list price, and to 2% for 2022/23. Where a business buys a new electric car, it can ...
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March 2021 – Prepare for Off-Payroll Working

Prepare for off-payroll working If you provide your personal services through your own company, the way you are taxed may change for contracts performed for large organisations from 6 April 2021, due to the off-payroll working rules. Where your final customer is not small, it ...
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Feb 2021 – Joining the New VAT Deferral Scheme

If you want to join the new scheme... The VAT deferral new payment scheme will be open from 23 February up to and including 21 June 2021. If you’re on the VAT Annual Accounting Scheme or the VAT Payment on Account Scheme, you’ll be invited to join the ...
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Feb 2021 – Postponed VAT Accounting

Check when you can account for import VAT on your VAT Return If your business is registered for VAT in the UK, find out when you can, or need to, account for import VAT on your VAT Return (also called postponed VAT accounting). Accounting for ...
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Feb 2021 – VAT Reverse Charge for Construction

On the 1st March this year, the UK VAT ‘reverse charge’ will apply to VAT-registered businesses in the Construction Industry Scheme (CIS). It applies to the following building and construction services at either standard or reduced rate VAT: • construction, alteration, repair, extension, demolition, or ...
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Feb 2021 – Changes from Exiting the EU

Brace for more change as there are changes from exiting the EU. The UK is now treated as a third country in relation to the EU, which means the VAT rules on imports and exports have changed for all goods (of any value) crossing the ...
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Feb 2021 – VAT on Goods Crossing Borders

VAT on goods crossing borders The UK is no longer treated as an EU country since the Brexit transition period ended on 31 December 2020. This has some significant implications for VAT and duties on international transactions. All imports of goods into Great Britain (different ...
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Feb 2021 – Construction Industry VAT Changes

Construction Industry VAT changes From 1 March 2021, the responsibility for accounting for VAT on building works will shift up the supply chain to larger contractors. Building sub-contractors will no longer charge VAT to other businesses in the construction industry. Instead, their building customers will ...
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Feb 2021 – Selling your Business

Selling your business If you are wondering whether, or when, you should dispose of your business, a sensible first step is to form an outline plan. The sale of a successful trading company will generate a capital gain. This would normally be taxed at 20% ...
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Feb 2021 – Tax Return Deadline

Slowness fines If you miss the deadline for filing your self-assessment tax return (28 February for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged, and after six ...
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Jan 2021 – Deferred VAT Payments: New Payment Scheme Announced

The Government has announced that deferred VAT payments for the period between 20 March and 30 June 2020, which would be due on 31 March 2021, can now be paid in instalments. Businesses which deferred paying their VAT due to Covid-19 were able to delay ...
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Jan 2021 – R&D Tax Credits, could your business make a claim

Research and development (R&D) tax credits are a valuable source of funding that helps UK businesses fuel their growth. With large sums of money at stake, there are numerous organisations that may contact you regarding R&D tax credits, however, Clarke Nicklin can take care of ...
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