Newsletter – February 2021

Our latest Newsletter is designed to help you navigate the challenges of 2021. Please click here to view.

We continue to advise on the emergency support available via HMRC, focussing on repaying VAT deferred in 2020, and compliance with the Self-employment Income Support Scheme.

Front page news:

• Just one click? Get to grips with what your Business Tax Account can do and why HMRC wants you to access it

• Capital allowances: last-minute reprieve for higher Annual Investment Allowance limit.

Other headline news:

• why you need to check for errors in your Self-employment Income Support Scheme claim

• changes to legislation affecting the construction sector

• what to do about deferred VAT payments

• new rules for R&D tax relief for small and medium-sized enterprises

• why you need supply chain mapping.

Feature: Corporation tax to go digital

• government consultation underway

• what is Making Tax Digital for corporation tax

• how many companies need to adapt

• timetable for change

• implications for charities and not-for-profit organisations.

We have also posted a Briefing. Please click here to view.

VAT. Major change for construction 2021

The VAT domestic reverse charge for building and construction services takes effect from 1 March 2021.

•  what the reverse charge means

•  who is impacted?

•  specified construction services

•  identifying end users and intermediary suppliers

•  how to operate the reverse charge

•  invoices, VAT returns and other compliance issues

•  practical steps to take now.

 

Here to help

Please don’t hesitate to contact us for advice in any of these areas, or any other matter of concern.

Your views are always important to us and we welcome your feedback.