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| Import One-Stop Shop | Reporting Covid-19 support payments |
| One of the consequences of Brexit is that exports of goods from GB to customers based in the EU are now zero-rated as far as UK VAT is concerned. However, if the consignment is valued at more than €22 there will be an import VAT liability at the other end.. Read More... | A business receiving support payments for Covid-19 needs to ensure the receipt is correctly recorded as taxable income for corporation tax purposes. For unincorporated businesses using the cash basis, this is straightforward enough. However, where the acc.. Read More... |
| Venture Capital Trusts - are the dividends exempt? | March questions and answers |
| it is easy to look at a dividend statement from a VCT and think "It's exempt" and simply file it away. Of course, in most cases this is probably sufficient. However, sometimes a little more care is needed. Dividend exemptio.. Read More... | I am looking at buying a rundown pub/restaurant ready for this summer, assuming it will be allowed to open. I need to spend approximately £100,000 on building works. Can I register for VAT straightaway or do I need to wait until I open? Yes, you can reg.. Read More... |
| March Key tax dates | March 2021 Budget |
Newsletter issue - March 2021 1 - Due date for payment of Corporation Tax for accounting periods ending 31 May 2020. 1 - New rules on domestic reverse charge for the construction industry take effect. 7 - Electronic VAT return and payment due for quarter ended 31 January 2020. 15 - Claim deadline for employers for furlough days in February. 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/3/2021. 31 - Last date for expenditure on Energy Saving Plant & Machinery to qualify for enhanced capital allowances at 100%. 31 - Due date for any payments delayed under the VAT Deferral Scheme in 2020, unless the new payment scheme is opted into - see here. | The 2021 Budget took place on 3 March 2021. Chancellor Rishi Sunak announced that, as a result of the Covid-19 crisis, GDP shrank by 9.9% in 2020, the largest annual fall in 300 years according to a Bank of England report, albeit lower than the 11.3% foreRead More... |
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