reverse charge Archives - WRLO Accountants

March 2021 news

WRLO Accountants — Tue, 09 Mar 2021 18:15:25 +0000

In this month’s Enews we consider the Chancellor’s 2021 Budget announcements, a new deadline for Self Assessment penalties and an online system for VAT deferrals. With guidance on off-payroll working rules, the VAT reverse charge and extra time for businesses to repay COVID support there is a lot to update you on. Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Sunak set out Budget to protect businesses Chancellor Rishi Sunak set out a Budget to protect businesses through the pandemic, fix the public finances and begin building the future economy. The Chancellor once again pledged to do ‘whatever it takes’ during the COVID-19 pandemic and confirmed that the furlough scheme would be extended until September 2021 to support jobs through the crisis. Mr Sunak also confirmed that the Self-Employment Income Support Scheme (SEISS) has also been extended, with two further grants this year. Claimable by the self-employed, including the […]

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June 2020

WRLO Accountants — Tue, 09 Jun 2020 20:25:07 +0000

In this month’s Enews, we report on the progress of the government’s schemes to help businesses during the COVID-19 pandemic. Chancellor Rishi Sunak announced important changes to the Coronavirus Job Retention Scheme, which will run until the end of October while HMRC has once again delayed the introduction of the VAT reverse charge. We look at the latest guidance and also analyse the impact of COVID-19 on tax policy and the wider economy. As the COVID-19 pandemic continues to dominate the economy, there are lots of issues to update you on. Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs Chancellor announces changes to Job Retention Scheme Chancellor Rishi Sunak has announced changes to the government’s Coronavirus Job Retention Scheme (JRS), which will be slowly wound down between July and October. The changes mean businesses will be able to bring furloughed employees […]

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October 2019 news

WRLO Accountants — Fri, 04 Oct 2019 10:50:00 +0000

In this month’s Enews we report on the delay to the VAT domestic reverse charge and the announcement of an independent review of the loan charge. A consultation has also been launched on clinicians’ pensions. With inheritance tax statistics, latest Brexit guidance, changes to insolvency and money laundering non-compliance there are lots of issues to consider. VAT domestic reverse charge for building and construction services delayed Independent review of the Loan Charge Senior clinicians’ pensions consultation HMRC collects record amounts of IHT ‘Major gaps’ in no-deal Brexit guidance Brexit-readiness events for business Experts warning over insolvency debts Money Laundering non-compliance VAT domestic reverse charge for building and construction services delayed HMRC has announced a one-year delay to the introduction of the VAT domestic reverse charge for building and construction services. The reverse charge represents part of a government clamp-down on VAT fraud. According to the government, large amounts of VAT are lost through ‘missing trader’ fraud. As part of missing trader fraud, VAT is charged by a supplier, who then disappears, along with the output tax. The VAT is thus lost to HMRC. The construction industry is considered a particularly high-risk sector. The reverse charge when introduced will not change […]

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