Reforms to the tax system, which will come into force by 2023, make it easier for small businesses to fill out their returns. Businesses will be taxed on profits arising in a tax year, rather than profits of accounts ending in the tax year. It should help them spend less…
The VAT domestic reverse charge for construction came into force on 1 March 2021.It applies only to VAT-registered businesses that are supplying/receiving services that are reported under CIS. By moving the VAT charge down the supply chain, HMRC intends to make this kind of fraud impossible. The domestic reverse charge will apply to…
The «Time to Pay» (TTP) arrangement is a designed scheme to help businesses with temporary cash flow problems. It allows spreading your business tax payments over a longer period of time. This agreement is reached between the business and HMRC in an affordable way to pay outstanding debts. TTP can…
The government has issued a warning to people who complete a self-assessment tax return to be alert to criminals claiming to be from HMRC. The scammers use threatening technics to set people in a despairing position. A few important things to remember: If you receive a call or email, or…