Corporation tax hiked. But for which companies?

Despite the rumours that capital gains tax was going to be radically overhauled in the Budget, it was corporation tax that saw the most significant change. What’s the story? Speculation that companies would see their tax rates increase in the Budget proved to be...

Budget 2021 – the headlines

The Chancellor delivered his Budget this week. There were fears over stiff capital gains and other tax rises, plus expectations of handouts for businesses. What did Mr Sunak actually announce and how might his new tax measures affect you? Below is a summary of the...

The VAT reverse charge

The Law S55A VATA 1994 (customers to account for tax on supplies of goods or services of a kind used in missing trader fraud) provides that where a taxable person makes a supply of goods or services to which that section applies, and the supply is not an excepted...

New Jobs Support Scheme

The Chancellor, Rishi Sunak, has set out the government’s new job retention measures in a statement to the House of Commons. The furlough scheme will come to an end, as planned, on 31 October 2020.  The government says it cannot keep jobs open only inside the...

VAT Flat Rate Percentages Reduced

Good news for the catering and holiday accommodation sectors. HMRC have finally updated their flat rate percentages for the businesses mostly affected by the Coronavirus pandemic. Reduced rates will apply from 15 July 2020 to 12 January 2021. Catering services...