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8th December 2020 BREXIT: Is your SME ready?

As 1-Jan-21 draws ever nearer what changes should your SME business prepare to adopt ready for Brexit: Exporting Goods to the EU  Despatches are renamed exports. Apply for an EORI number (which will look something like: GB123456789123). Check whether what you sell is a restricted good that requires an export licence. Check whether there are…

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4th December 2020 Have you considered these areas ahead of Brexit?

Whether a trade deal has been reached or not, the UK will leave the EU’s Single Market on the 31st December 2020. In order to reduce the impact of changes SMEs are faced with, there are a few key areas that need to be considered:   Engage with your suppliers Make sure you define customs…

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2nd December 2020 Brexit – EU VAT Refund System – Don’t miss the deadline!

UK businesses can only use the EU VAT Refund System until  11 pm on 31 March 2021.  This means that claims for a refund of VAT incurred in other EU Member States for the year ended 31 December 2020 must be submitted by then.  Prior to Brexit the deadline was 30 September following the end…

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30th November 2020 Is DISS about to appear!

A Directors Income Support Scheme (DISS) is being recommended by a consortium of professional bodies to the Government.   The proposal would see this running along the same parameters as the Self-Employed Income Support Scheme (SEISS), updated details of which are now emerging from HMRC. Under the SEISS scheme sole traders and partners of partnership…

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30th November 2020 Making Tax Digital for Income Tax – The next steps

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

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26th November 2020 Deferral of VAT payments

At the start of the pandemic, HMRC allowed businesses with a VAT liability falling due between 20 March and 30 June 2020 to defer their payment. Over half a million businesses benefitted from the measure, deferring more than £28 billion in VAT payments.   Originally, businesses were required to pay the deferred VAT in full…

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25th November 2020 Making Tax Digital for Corporation Tax

Earlier this month HMRC published their consultation and plans for Making Tax Digital for corporation tax (MTD for CT).   HMRC have proposed the main elements of the scheme to be:-   All entities within the charge of corporation tax will need to maintain their records digitally; Those entities should use MTD compliant software to…

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25th November 2020 ‘Tis the season to be Zooming

It seems that HMRC have heard about our disappointment with Christmas parties being cancelled this year…   The Employment Income Manual EIM21690 has been updated to incorporate the news that virtual events can be included when considering the £150 per person benefit in kind exemption for annual functions.   The event should be an annual…

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24th November 2020 Making Tax Digital for VAT – The next steps

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

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23rd November 2020 Brexit – make sure you’re ready

The Brexit transition period ends on 31 December 2020.   There will be significant changes to the way that Import and Export business is conducted and the documentation needed, even if a Free Trade Agreement is ultimately reached with the EU.   Time is running out to consider the impact of the changes on your…

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