The UK-EU Trade and Cooperation Agreement ensures that UK firms in a variety of service sectors can continue to access the EU market, including as business travellers and cross-border services suppliers or investors, while being treated no less favourably than either EU businesses or competitors from third countries.
As part of the government’s response and financial support to businesses affected by COVID in 2020, VAT registered firms were allowed to defer payment of VAT falling due between 20 March 2020 and 30 June 2020. But when do you need to pay this deferred VAT?
Many tax payers registered for self-assessment will be dreading the approach of 31 January 2021 deadline as this is the date that a number of self-assessment tax bills fall due for payment.
Have you considered the tax benefits available to your business by switching to electric vehicles?
For a large number of businesses the pandemic has brought with it new opportunities and resulted in them pivoting their business models, products, production lines, delivery methods and certainly for some of our clients, every aspect of their business.
As a result, it is possible that where a business has pivoted and there was a requirement to advance the technology or manufacturing methods used, the business may be eligible to make a claim for Research & Development tax relief.
In view of the national lockdown the Government has released additional Information about employees unable to work because they have caring responsibilities
Before Christmas HMRC confirmed that they would not be relaxing the self assessment tax return filing deadline of 31 January, has the situation changed?
On 5 January 2021 the Chancellor, Rishi Sunak, announced additional lockdown grants worth up to £9,000 for businesses in certain sectors, including retail, hospitality and leisure. This is part of an additional £4.6bn support package to help businesses through Lockdown 3.0.
So what are our business predictions for 2021? Can anyone truly predict anything at the moment? This time last year we are not sure that anyone could have predicted the level of disruption and devastation caused by the Pandemic. We did however predict a level of disruption over Brexit and it looks likely that this will be the case whilst systems and procedures are put in place to make travel and trade possible again.
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 system imports and exports will continue to flow.
We have just witnessed one of the most stressful years on record for disruption and uncertainty in our business affairs. And we are not out of the woods just yet. The first half of 2021 is likely to be more of the same until, and if, vaccines can temper the spread of COVID-19.
The virus is evolving, producing thousands of variant strains. As the new year turns we are all holding our collective breath that vaccines in production will shape up to meet these challenges.
Meantime, back at the coal-face, what should we be considering to meet this year’s challenges?
The Chancellor has confirmed that the UK Spring Budget for 2021 will be held on 3 March 2021.
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