We are delighted, together with our joint event sponsors, Lumen Financial Planning, to be able to welcome all our friends to our review of Jeremy Hunt's Spring Budget. Spaces are limited, so please register as soon as possible Registration Link . The Spring Budget, scheduled for 6th March 2024, is eagerly anticipated, and there’s already…
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THE NEW VAT RULES FOR CONSTRUCTION SECTOR START ON 1 MARCH 2021
INTRODUCTION New VAT rules are due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. The new rules are called “the domestic reverse charge for supplies of building and construction services”. The new “reverse charge” system of VAT accounting will affect sub- contractors supplying their…
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Important VAT Deferral Update – Cancel your DD
Deferred VAT payments - important As you are aware HMRC deferred VAT payments for a 3 month period until 30th June 2020. Although this is an automatic offer with no application required, HMRC published the following advice in relation to this: Customers who normally pay by direct debit should cancel their direct debit with their bank…
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VAT – how this can affect your cash-flow
Paying VAT should never reduce your business profits as you are acting as an unpaid tax collector for HMRC: the VAT added to your sales (less any VAT paid on your purchases) is simply collected from your customers (less amounts paid to suppliers) and the difference paid to HMRC. But if my customers are registered…
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