New VAT Penalties and Interest Payments
The new penalties will impact businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7 March 2023. The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT default surcharge, and apply to accounting periods which start on or…
Read MoreHow much is my business worth?
This is a question many of our clients want an answer to! The truth is, it depends on a range of factors and any valuation is only helpful as a guide for planning forward. The ultimate value of a business is the price a willing buyer is prepared to pay for it. The prevailing economic…
Read MoreMaking Tax Digital
Making Tax Digital for VAT – New penalties for non-compliance HMRC have issued guidance for VAT-registered business and their agents on how to avoid penalties for non-compliance with the Making Tax Digital for VAT (MTD) rules. In particular, there is a new £400 per return penalty if you file a return but do not use…
Read MoreMobile Employees
For income tax, the basic principles from which to start are that an individual who is resident in a country will generally be taxed in that country on their worldwide income, but regardless of residence, an individual who is physically present and working in a country will be liable to tax in that country on…
Read MoreElectric Car Charging
A supply of electricity is charged at the standard rate of VAT, other than a supply for domestic use, which is charged at the reduced rate of 5%, and low-level usage in other settings which is ‘deemed’ domestic use, also 5%. Supplies of electricity from charging points, although small amounts, do not meet the conditions…
Read MoreCovid 19 The Vaccine
VACCINE OPTIMISM – WILL THE LOCKDOWN END? The news is full of stories this week of the UK Government approving the Pfizer vaccine and who will be first to be offered the jabs and how the vaccine will be rolled out and, rightly so, people are more optimistic about the ending of lockdown and a…
Read MoreVAT Deferral
Employer Bulletin December 2020 Issue 87 As you will be aware part of the Winter Economy Plan the Government announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period. Instead of paying the full amount by the…
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