TaxCalc Blog

Have you paid your COVID19 deferred VAT?

One of the COVID19 relief schemes in 2020 was the 'VAT Payments Deferral Scheme'. This automatically deferred any VAT liabilities from VAT quarters falling due between 20 March 2020 and 30 June 2020. Any amounts due between these dates were given a deferral until 31 March 2021.

If you haven’t yet paid these outstanding liabilities, don't worry – all is not lost!

With these three options, you may still be able to avoid the 5% penalty or interest.

How are electric vehicles being incentivised in 2021?

The UK recently brought forward its ban on the sale of new petrol and diesel cars by an entire decade, with the ruling now slated to take effect from 2030. It came as a surprise to many when a scheme that aims to make electric vehicles (EVs) more affordable was cut.

Covid support for you and your clients

To support you in helping your clients, here are the latest updates from HMRC on the Self-Employment Income Support Scheme (SEISS).

Mandatory digital links for MTD for VAT. What to do now.

Since the introduction of MTD for VAT a ‘soft landing period’ has been in place, allowing businesses time to get their systems digitally-linked to comply with the full MTD for VAT requirements. This period enabled businesses to use ‘cut/copy and paste’ methods to move data from one system to another before filing to HMRC. From 1 April 2021, this will no longer be permitted. However, there is no need to panic. It is likely you already have everything you need to continue being compliant, or some simple adjustments could be all that’s required. 

The Science Behind Compliance

We’ve all learned the necessity of compliance. Face masks, elbow handshakes, two-metre distancing, remote working, showing up for your jab – it may all be tough and go against impulse, but we understand that we need to comply with the rules. There is a cost to our society, our economy and our mental health, but putting it bluntly this is a matter of survival. If anyone is familiar with Maslow’s Hierarchy of Needs, our basic requirements are physiological well-being, plus safety and security. Though we may not agree with every single rule, we have to act en-masse to preserve our way of life.

Spring Budget 2021: The headlines

Following the budget annoucement on Wednesday, here are some key takeouts from Chancellor Rishi Sunak’s economic plan to help the UK's recovery from the COVID pandemic, its impact on businesses and individual taxpayers.

Do I need to complete an EC Sales List after Brexit

For the export of goods or the supply of services made to EU businesses on or after 1 January 2021, you will not need to submit an EC Sales List (ESL). You will have until 21 January 2021 to submit ESLs for sales made before 1 January 2021.

Changes for Reporting R&D Claims

HMRC has introduced new CT600 supplementary pages to complete for Research and Development Expenditure Credit (RDEC) and R&D enhanced expenditure (SME scheme) claims. The supplementary pages (CT600L) will be required by HMRC for all CT600 returns filed on or after 6 April 2021.