The HMRC has recently implemented changes to the assessment process for late VAT returns, affecting how taxpayers are evaluated and penalised for filing returns after the deadline. Key Takeaways: The new assessment process for late VAT returns has been implemented by HMRC Previously, a central assessment would be automatically raised by HMRC's…
Government Budgets and changes in fiscal policy can always be a nerve-racking time for businesses, but never has there been such trepidation as in the run-up to Jeremy Hunt’s Autumn Statement. With the economy in dire straits and forecasts bleak,…
Unprecedented, uncertain, never in living memory and historic are phrases that are often used all too often. However, in the past two and a half years it is fair to say these words and phrases have been heard a lot…
COVID-19 left many businesses facing financial hardship in 2020. As a way to ease some of the pressure, HMRC allowed the payment of VAT due between 20 March 2020 and 20 June 2020 to be deferred until 31 March 2021. …
Construction Industry Scheme (CIS) VAT Domestic Reverse Charge has started this month Why is it being introduced? The domestic reverse charge VAT procedure is an anti-fraud measure designed to counter sophisticated criminal attacks on the UK VAT system. It…