Taxation

Self assessment taxpayers have an additional four weeks to pay tax or set up a payment plan without being charged a 5% late payment penalty, HMRC has confirmed. In light of the impact of the coronavirus pandemic, HMRC has extended the late payment penalty deadline for self assessment (SA) taxpayers until 1 April. Normally a… Read more

Any business that deferred VAT payments due between 20 March and 30 June 2020 as a result of the Coronavirus pandemic, must now consider how they will repay this outstanding tax. They can choose from the following options in order to do this: Pay the deferred VAT in full by 31 March 2021; Join the… Read more

It is doubtful that HMRC will change the tax year end date. The current tax year will therefore come to an end on 5 April 2021. Which means that tax-payers still have two months (February and March 2021) to take advantage of any tax planning strategies that may advantage their tax liabilities for 2020-21. As… Read more

Major changes to the VAT scheme for construction which HMRC are imposing will begin on 1st March 2021.  The reverse charge means that the customer receiving the service must pay the VAT to HMRC instead of the supplier.  In turn the customer can recover the VAT, subject to the normal rules for VAT recovery.  It is… Read more

Income Tax As part of the government’s support package for Covid-19 pandemic, Self Assessment payments on account that were due 31 July 2020 could be deferred to January 2021. In the Winter Economy Plan it was announced that taxpayers with up to £30,000 of Self-Assessment liabilities due on 31 January 2021 could make payment in… Read more

The Brexit transition period comes to an end on 31 December this year. After this date, the UK will no longer be in the EU Single Market or Customs Union and free movement will stop. This will have a profound impact on many businesses, especially those that trade with European customers or suppliers. There is… Read more

Leading York-based chartered accountancy and business advisory firm, Hunter Gee Holroyd, HGH Wealth Management Limited and Mole Valley Asset Management (MVAM), have joined forces to provide a community-focused investment and business advice package to local businesses and individuals. MVAM, a relationship-based investment company who offer innovative and bespoke investment services to private clients, SMEs and… Read more

On Thursday 24 September the Chancellor delivered his “Winter Economy Plan”, in lieu of the Autumn Budget which has been cancelled. This is not surprising, given that it is difficult for anyone, individuals, businesses, or countries to budget at the moment. His plan was very much business focused, and the main announcements are detailed below: Job… Read more

Reporting and payment of capital gains tax (CGT) on the sale or disposal of residential property were introduced by HMRC on 6 April 2020.  The CGT changes were previously reported in our blog earlier in the year. We have set out below the main points to note on 30-day reporting as a reminder. CGT reporting and… Read more

The government has recently announced Making Tax Digital legislation will extend MTD to low turnover businesses and eventually to the realm of income tax. Presently, only businesses with an annual turnover in excess of £85,000 must file returns using approved software and keep a digital record of transactions. However, from April 2022, all VAT registered… Read more