Category Archives: Deferral of VAT Income Tax and TTP

Don’t forget to join the VAT Deferral New Payment Scheme – deadline 21 June 2021

If you deferred VAT payments last year you have until 21 June 2021 to join the new payment scheme to spread the cost of your deferred VAT in monthly instalments under the VAT Deferral New Payment Scheme. The VAT Deferral New Payment Scheme means businesses can now manage their cashflow by paying their deferred VAT…

VAT deferral new payment scheme

To help businesses cope with the financial impact of the first national lockdown, VAT-registered businesses were able to defer payments of VAT that fell due between 20 March 2020 and 30 June 2020. Businesses that were unable to pay their deferred VAT in full by 31 March 2021 can take advantage of the online VAT…

Payment of deferred VAT due to Coronavirus

With over half a million businesses taking the option to defer the VAT payable between 20 March 2020 and 30 June 2020, now is the time to consider your options with a view to making the payment of this VAT. If you deferred the VAT payment and still haven’t paid this to HMRC, you can…

Self-Assessment Late penalties waived until 1 April 2021

Normally 30 days after the filing deadline of 31 January, on 3 March a late payment penalty of 5% is levied if you have not settled your tax liability in full by this date. Due to the coronavirus pandemic the date of the late payment penalty is to be extended to 1 April 2021. Meaning…

Deferral of VAT payments due to Coronavirus

If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can: pay the deferred VAT in full on or before 31 March 2021 opt in to the VAT deferral new payment scheme when it launches contact HMRC if you need more help to pay Pay your deferred…

Do you have some tax to pay on 31 January 2021?

To follow on from our earlier blog ‘HMRC refuses to budge the 31 January 2021 Self Assessment filing deadline’ we just want to remind you of the tax that is due to be paid on 31 January 2021 as follows: The 2nd payment on account for the tax year 2019/20 (if you deferred it from…

More details on hospitality VAT reduction

When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector and attractions in his Summer Statement on 8 July there were a number of areas that needed clarification. The reduction applies to supplies made between 15 July 2020 and 12 January 2021. HMRC have now set out more details…

Reduced rate VAT – what does it mean for my business?

On Wednesday the supply of certain hospitality, holiday accommodation and attractions dropped to 5%, rather than standard rate. This is a temporary reduction for 6 months and businesses need to have systems in place for recording the different types of sales they make, if not all of their supplies are effected by the announced changes….

VAT reduced to 5% on certain supplies of hospitality, holiday accommodation and attractions

There will be a temporary reduction in the rate of VAT on supplies between 15 July 2020 and 12 January 2021.  Supplies that will benefit from the reduced rate are: food and non-alcoholic beverages sold for on-premises consumption, for example, in restaurants, cafes and pubs hot takeaway food and hot takeaway non-alcoholic beverages sleeping accommodation…

What changes might be coming? Rishi planning to cut VAT

The chancellor is set to make an announcement next month to introduce measures that will mitigate the economic downturn caused by the coronavirus. Not unlike 2008 when VAT was dropped to 15% (from 17.5%) to provide stimulus after the financial crash, there is speculation that the headline VAT rate again may be slashed to 17% (currently…