Importing Goods

Importing Goods & Duty Deferment

From the 01 January 2021, when the transition period ended for the UK leaving the EU, the place of supply of freight transport and associated services changed. Previously the zero-rate applied in respect of transport into and out of the EU. Now it applies in respect of transport into and out of the UK. When looking at the VAT treatment …

Covid-19 Financial Update

Business Interruption Action Steps (BIAS) Update as at 04/01/2021 £4.6 billion in new lockdown grants to support businesses and protect jobs. Business will be closed until at least February 2021 half-term in order to help control the virus. 1. Grant for Retail, Hospitality and Leisure industries One-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 …

EU Trade

Economic Operator Registration and Identification (EORI) Scheme – BREXIT

Important: From 1 January 2021, you’ll need an EORI number that starts with GB to move goods in or out of the UK. The Economic Operator Registration and Identification (EORI) Scheme is a European Union (EU) initiative that helps traders communicate with customs officials when they are importing and exporting goods. Importers and exporters are able to register for an EORI …

employees

Coronavirus Job Retention Scheme – CJRS

Update 17/12/2020 The furlough scheme has been extended until the end of April 2021 with the government continuing to contribute 80% towards wages. Previously running from 1st November 2020 to 31st March 2021. Same rules as per 04/11/2020 still apply.   Update 04/11/2020 CJRS has been extended from 1st November 2020 and will over rule the JSS that was meant …

Forced Closure Covid Grant – November 2020

FINANCIAL SUPPORT FOR BUSINESSES REQUIRED TO CLOSE BY GOVERNMENT OR SEVERELY IMPACTED BY LOCAL RESTRICTIONS Following recent announcements by the Prime Minister and the Chancellor in response to the COVID – 19 virus pandemic the government is providing further grant support to ratepayers who have responsibility for business rates at certain eligible hereditaments. The National Restrictions Support Grant applies from …

Team

Job Support Scheme – JSS

Update 4th November 2020: JSS HAS BEEN PUT ON HOLD UNTIL CJRS IS OVER. Update 26th October 2020: Introduction There have been further developments to the Job Support Scheme (JSS) since our last update on the 7th October (below). In a nutshell Employees will still be paid at least 73% of their usual salary when short time working, Employers will …

Deadline

HMRC Deadline Updates Due to Covid-19 impact

Tax Detail Original Deadline  Extended Deadline How to Apply Self Assessment / Personal Tax Second Payment On Account 31/07/2020 31/01/2021 Automatic, no application required VAT Making Tax Digital – Requirement to digitally link software 01/04/2020 01/04/2021 Automatic, no application required Defer VAT Payments due between March and June 2020 20/03/2020 – 20/06/2020 31/03/2021 Automatic, no application required PAYE/NICs IR35 off-payroll …

tax

Payments to Tax Informants 2019/20

The amount of money paid out for information about individuals or companies in relation to small-scale tax evasion came to £473,000 in 2019/20, and increase of  from £182,000 from the previous year. HMRC is under pressure to investigate bigger companies for tax evasion and is paying key informants for information to fraudulent activities. A big potential fraud opportunity at the …