In what was seen my many as a Budget lacking in ideas to kick start the economy back into life, Rishi Sunak’s announcement of a notional 30% uplift to eligible capital allowances headlined as the proverbial ‘rabbit out of the hat’. The tweaked allowances will give businesses purchasing brand new plant and machinery more tax…
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Following Chancellor Rishi Sunak’s delivery of the Budget yesterday, we have a brief summary and details of how it may affect you. Please click the link below: Whiting & Partners Budget 2021
VAT registered businesses working within the construction sector should be aware that new domestic reverse charge VAT administration rules are being introduced wef 1 March 2021 (delayed from original October 2019 launch date). The Government announced in the 2018 Budget that they are trying to reduce missing trader fraud; where builders collect VAT from their…
HMRC have issued the new advisory fuel rates (AFR) which come into effect from 1st March 2021. They have increased by 1p per mile for petrol and diesel vehicles with engines of 1400-2000cc reflecting a small increase in fuel prices over the last quarter. The advisory electricity rate for fully electric cars remains…
If you deferred paying VAT due in the period from 20 March to 30 June 2020, you should pay it by 31 March 2021 if you can. If you can’t afford to pay by 31 March 2021, you can join the VAT deferral new payment scheme and pay your deferred VAT over a longer period. The online service…
We are now just over a month away from the 31st March 2021 deadline for applications for the Bounce Back Loan (BBL) and Coronavirus Business Interruption Loan Scheme (CBILS). The schemes were introduced to provide businesses with much needed working capital during the global pandemic, businesses benefited from no capital repayments being required for…
Today HMRC have announced that they will not be charging Self Assessment tax payers a 5% late payment penalty if they pay their tax, or set up a payment plan by 1 April 2021. This year, because of the impact of the COVID-19 pandemic, HMRC is giving taxpayers more time to pay or set…
The new private sector off-payroll rules are due to start from 6 April 2021 and HMRC have published their latest guidance – here. The changes move the responsibility for determining a contractor’s IR35 status from the worker’s personal service company to the end client engaging them, where the end client is a medium/large business.…
If, due to Coronavirus, your business deferred VAT payments due between 20 March and 30 June 2020 and you still have payments to make, you can: pay the deferred VAT in full, on or before 31 March 2021, join the VAT deferral new payment scheme – the online service is open between 23 February and…
Find out the up-to-date information on local business grants from West Suffolk Council during the COVID-19 pandemic: COVID-19 support for business – grants (westsuffolk.gov.uk)
