Blog

Speculation that companies would see their tax rates increase in the Budget proved to be well founded, with an increase from 19% to 25% announced in order to help to get public finances back on track.

Welcome to our round up of the latest business and Covid-19 news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you through these tough times.

End user can be liable for the tax not deducted. Don’t lose your 2020/21 personal allowance and more.

Below is our weekly roundup of changes to government support information for businesses.

The UK and the EU continue to discuss the recent problems surrounding the implementation of the new #trading #rules for #Northern #Ireland.

This week we have seen some gloomy #economic #figures showing that the UK suffered a record annual slump in 2020. Last year the #economy shrank by nearly 10% as #coronavirus restrictions hit output, stated the Office for National Statistics (ONS).

New VAT rules are due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. The new rules are called “the domestic reverse charge for supplies of building and construction services”.

The transition period for the UK leaving the EU has ended. The EU and UK have struck a trade deal, and this has been ratified by the UK Parliament so from 1 January we are trading with the EU quota and tariff “free”. There are new Customs regulations and VAT requirements to get to grips with, but we have every confidence once we get used to the new systems, imports and exports will continue to flow.

This morning it’s been announced that retail, hospitality and leisure businesses will be entitled to extra coronavirus support. What details are available?