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Deadline Approaching for Annual Tax on Enveloped Dwellings (ATED)
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Deadline Approaching for Annual Tax on Enveloped Dwellings (ATED)

What is Annual Tax on Enveloped Dwellings (ATED)? ATED is an annual return that must be completed by companies that own a UK residential property with a value in excess of the ATED threshold.  From 1 April 2016, UK residential properties which were worth more than £0.5million as at 1 April 2012 have been in

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spring 2021 budget update
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Spring 2021 – Budget Update

Important Tax Changes from April 2021 The main economic thrust of the budget on 3 March 2021 was Covid measures and how economic policy could support the UK recovery and there were not a lot of changes announced which will impact on you directly. However, there are many measures that were announced in previous budgets

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Construction Services VAT Reverse Charge for Sub-contractors
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Construction Services VAT Reverse Charge for Sub-contractors

I’m a sub-contractor. What does the VAT reverse charge for construction services mean for my business? Invoicing  Firstly, you will need to consider who you are supplying, so whether the domestic reverse charge applies e.g. whether they are VAT registered, CIS registered, end user (see flowchart). If you are supplying an end user that is

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VAT reverse charge for construction services for contractors
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Construction Services VAT Reverse Charge for Contractors

I’m a contractor. What does the VAT reverse charge for construction services mean for my business? Receiving an invoice from your supplier  For supplies that fall within the VAT domestic reverse charge rules you should receive an invoice from any VAT registered subcontractor with no VAT, but with a statement that reverse charge rules apply.

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VAT Domestic Reverse Charge for construction services
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VAT Domestic Reverse Charge for Construction Services

VAT Domestic reverse charge for construction services in 2021 HMRC’s new domestic reverse charge for construction services comes into force on 1 March 2021.  What is the background behind this scheme? The aim of this measure is to combat missing trader fraud in the construction sector. HMRC predict that missing trade fraud has cost the

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Furlough Scheme Extension October 2020
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Furlough Scheme Extended (Coronavirus Job Retention)

On 31st of October 2020, as a result of Lockdown 2, the Coronavirus Job Retention (Furlough) Scheme was extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced. What has changed in the Furlough scheme? The Furlough scheme will remain open until March, with

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coronavirus job support scheme
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Coronavirus Job Support Scheme

The Job Support Scheme guidance on the HMRC website has currently been withdrawn as a result of the Coronavirus Job Retention Scheme Extension. The Job Support Scheme will replace the Job Retention Scheme when the extension ends and we have therefore left preliminary guidance previously announced below as reference.   What is the Job Support

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self employment income support scheme
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Self-Employment Income Support Scheme

Update: Extension of the Self-Employed Income Support Scheme The Self-Employment Income Support Scheme has been extended. The scheme has been extended. If you were not eligible for the first and second grant based on the information in your Self Assessment tax returns, you will not be eligible for the third. HMRC expects you to make

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