VAT registered businesses working within the construction sector should be aware that new 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 customers…
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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…
Whitings Farming Group publish their half yearly commentary on what’s topical in the agriculture sector: Click Here (for edition 17) Blog Entry by: James Cater
From 1 April 2021, HMRC are to introduce a limit on the amount of payable tax credits which can be claimed by a loss-making company. The refund will be restricted to £20,000 plus 300% of its PAYE and NIC liability for the period. Where the accounting year straddles 1 April 2021, the company will be…
Following the publication of the Agriculture Act 2020 it is now clearer how subsidies to agriculture are going to change, with the first predominant feature being the running down of the Single Farm Payment regime. For farmers in parts of Norfolk and Suffolk there is opportunity to tender to participate in a £320,000 project to…
If you use the rural business software KEYPrime from Landmark Systems, look out for the new version of the software 9.5. What are some of the new features? Batch Entry – A faster way to enter data New and improved – Diary function Store Web links to documentation (View documents saved to Auto-entry, Receipt…
Those businesses that have large capital expenditure spends each year, such as manufacturers and farmers, will be aware that there has been a very generous capital allowances tax regime in recent years, currently allowing year 1 tax relief on eligible purchases up to £1m pa. This generosity was scheduled to be reduced wef 1 January…
The annual investment allowance (AIA) limit is currently due to decrease from £1 million to £200,000 from 1 January 2021. Many businesses will have deferred decisions about purchasing capital equipment this year as a result of the COVID-19 pandemic, leading to a number of professional bodies urging the Chancellor to postpone this decrease. However, it…
The Office of Tax Simplification (OTS) has been in consultation with individuals, businesses as well as professional advisers – including accountancy bodies – to review the capital gains tax system and see whether there is any scope to simplify the current tax system. The consultation process closes on 9th November 2020. Speculation has been…
HMRC have announced more details on the Job Retention Bonus scheme they set forth in July. The JRS allows an employer to claim a one-off payment of £1000 per employee furloughed and claimed for through the CJRS and kept employed until at least 31st January. This money is to be paid to the employer and…
