UK taxpayers that file a tax return will need to pay a variety of self-assessment tax and NIC liabilities that will fall due at the end of January 2021. They include: · The second payment on account for 2019-20 if deferred when first due 31 July 2020. · Any balance of taxes unpaid for…
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Parting shot from the Chancellor
For a man that has admitted he has concerns about the level of government funding committed to the support of businesses during the last nine months, Rishi Sunak’s disclosure last week that he is extending the furlough scheme to the end of April 2021 points to a deepening concern in government that we are not…
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Looks like we are heading for a no-deal exit from the EU
If the following criteria apply, this is what our government recommend that you do from 1 January 2021: You: Are British Live and work in the UK Travel to the EU for business reasons Have no plans in the short-term to travel abroad for holidays Do not plan to move to the EU Run and/or…
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Accounting for import VAT on your VAT return
From 1 January 2021, if your business is registered for VAT in the UK, you will need to consider how to treat VAT added to imports from the EU. Accounting for import VAT on your VAT Return means you will declare and recover import VAT on the same VAT Return, rather than having to pay…
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