Changes to the domestic reverse VAT charge (DRC) will now mean that the customer (a VAT registered business) who gets supplies of construction or building services will be responsible for the VAT due on those supplies on their own VAT return.
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Why use Xero as your accounting software?
The features we love about Xero accounting software and why we think it will benefit your business!
VAT Deferral of Payments – New HMRC Payment Scheme Relief
VAT deferred in the period 20/03/2020 – 30/06/2020 can now be repaid in installments over a longer period, interest free to HMRC. Companies will need to apply online prior to 21st June 2021.
Transferring Marriage Allowance
You could potentially save up to £250 each tax year by transferring a portion of your Marriage Allowance to your spouse/civil partner.
Winding up your company? The corporation tax requirements you need to know!
Statutory obligations when you decide to windup your limited company.
VAT deferred payments period has ended!
VAT payments after 30th June 2020 need to be paid per their usual due date.
Job Retention Bonus
£1,000 Job Retention Bonus, an initiative designed to encourage employers to bring employees who had been furloughed under the Coronavirus Job Retention Scheme (CJRS) back to work.
Financial Support when Paying for Childcare
You could save up to £2,000 a year per child by using the Government’s Tax Free Childcare scheme when paying for approved childcare.
Changes to Top Slicing Relief on Life Insurance Policy Gains
HMRC issued changes to working out Top Slicing Relief on life insurance policy gains.
New VAT Cuts for the Hospitality Industry
In a bid to support the hospitality sector HMRC has cut the VAT rate from 20% to 5%, the rate cut will take effect from 15 July 2020 to 12 January 2021.
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