Four new measures affecting the construction industry scheme (CIS) were enacted from 6 April 2021 as HMRC cracks down on tackling abuse of the scheme. First, the tax authority can now amend the CIS deductions suffered and reclaimed on real-time information via the employment payment summary to an amount matching any evidence [...]
A million businesses need to have digital links in place to submit VAT returns and comply with phase two of Making Tax Digital (MTD) for VAT. All VAT-registered firms have until their first VAT return period, starting on or after 1 April 2021, to put digital links in place. A digital link [...]
Businesses that deferred paying VAT between 20 March 2020 and 30 June 2020 do not need to pay the full amounts by the end of this month. VAT-registered firms were not required to make VAT payments during this deferral period, and initially had until 31 March 2021 to pay any liabilities. However, [...]
HMRC has issued a last call to around 250,000 traders, highlighting urgent actions to take if they wish to continue trading with the EU from 1 January 2021. The UK will leave the EU single market and customs union when the Brexit transition period comes to an end on New Year’s Day, [...]
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