UK | Chancellor reviews possibility to reduce VAT rates to boost economy

By |June 25th, 2020|

There is increasing speculation that Rishi Sunak, the UK Chancellor of the Exchequer is reviewing the possibility to reduce VAT rates to boost the economy following the COVID-19 crisis. Reportedly, the UK Chancellor is looking at options to reduce the standard rate of VAT, currently 20%. This is as well [...]

UK | Construction domestic reverse charge delay to 2021

By |June 22nd, 2020|

The UK recently announced that a further delay to the introduction of the domestic reverse charge mechanism for construction services. As a result, the new rules won't come into place until 1 March 2021. As noted in our previous story of September 2019, these new rules were initially to come [...]

UK | Government announces border controls for end of Brexit Transition Period

By |June 18th, 2020|

The UK Government will introduce new border controls at the end of the Brexit Transition Period. This is in three stages up until 1 July 2021. Michael Gove, on behalf of the UK Government, formally informed the European Commission that the UK will neither accept nor seek an extension to [...]

UK | HMRC to delay the digital links requirement for Making Tax Digital (MTD) until 2021 considering the impact of Covid-19

By |March 31st, 2020|

HMRC have seemingly made an announcement to stakeholders that, due to the impact of Covid-19, they are to delay the requirement for MTD businesses to have in place the digital links between all parts of their software. MTD for VAT has currently been going through a soft-landing phase which allowed [...]

UK | MTD extension deadline approaches for VAT periods starting on 1 April 2020

By |March 25th, 2020|

The HMRC MTD platform extension deadline approaches for VAT periods starting on 1 April 2020. Making Tax Digital for VAT requires UK VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form in addition to filing VAT Returns using software. The deadline applies [...]

UK Budget | Postponed accounting for import VAT after Brexit

By |March 18th, 2020|

The UK Government wheeled back around to confirm Postponed Accounting for Import VAT from January 2021. Previously they announced that the scheme following a hard Brexit. Then they withdrew that simplification following adoption of the Withdrawal Agreement (and entering the transitional period). They now reversed this decision. The new scheme [...]

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