The new Labour Government is proposing to apply VAT to independent school fees. Both independent schools and independent school parents are advised to start anticipating the change and plan for additional costs.
Changes to National Insurance contributions (NICs) and tax policies have been announced by the Chancellor. Take a look at the upcoming adjustments, including reductions in NICs rates for employees and the self-employed, changes to Capital Gains Tax rates, the introduction of a new British ISA allowance, updates to VAT registration thresholds, and plans to extend Full Expensing to leased assets. These changes are effective from 6 April 2024 and aim to support individuals and foster investment in promising UK enterprises.
Some non-VAT registered businesses have recently received letters from HMRC claiming that they are trading above the VAT threshold. Any business that has received such a letter needs to act quickly. They should share the letter with their tax agent/accountant then work together to review the rolling 12-month turnover figures.
If you’re a UK-based business providing a service to a consumer living in the EU, you may no longer need to charge VAT on your invoices after the end of the Brexit transition period – saving your clients money and also helping you to win new business.
Continue readingChancellor Rishi Sunak has unveiled his summer economic update in a bid to mitigate the impact of the Covid19 pandemic, with the aim of boosting job creation through a government ‘plan for jobs’ and encouraging consumer spending
Continue readingVAT deferral for UK Businesses: If you are a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to:
As the end of the tax year approaches, it’s a great time to consider if there are any opportunities to benefit from tax relief. Here are HB’s top tax tips for businesses for the year end – if you want to know more, give the tax team at HB Accountant a call.
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*On 1st October 2019 HMRC’s new VAT domestic reverse charge for construction services was due to come into force, as part of ongoing moves to cut VAT fraud. The new rules require the contractor receiving services and not the sub-contractor who supplied the services to account for the Output VAT due on specific building and construction services. This change means that construction businesses will need to know whether the reverse charge applies. They’ll also need to ensure their accounting processes and IT systems can handle the reverse charge. It’s also recommended that businesses estimate and plan for any impact on cash flow if they are no longer holding Output VAT.
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