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USE YOUR ALLOWANCES FOR 2020-21

Limited window for using your 2020/21 tax allowances Individuals are entitled to a number of allowances each year. However, many of them are lost if they are not used in the tax year to which they relate – it is not possible to carry most unused allowances forward. The 2020/21 tax […] The post USE YOUR ALLOWANCES FOR 2020-21 appeared first on BFMS Accountants and Business Advisers.

COVID19 – Government Support for Businesses 01.04.2020

VAT Deferral – VAT payments from 20 March 2020 until 30 June 2020 Any businesses that wish to defer their VAT payments are automatically eligible to do so. VAT payments due on 7th April, 7th May or 7th June 2020 can be deferred until 31st March 2021. Businesses that have a […] The post COVID19 – Government Support for Businesses 01.04.2020 appeared first on BFMS Accountants and Business Advisers.

Government Support for All Businesses – COVID19 Virus

We are sure that you are aware of the support that the Government have put in place during the current COVID19 virus to date, however we want to ensure that you are fully up to date and aware of support available to you. We write to let you know that we […] The post Government Support for All Businesses – COVID19 Virus appeared first on BFMS Accountants and Business Advisers.

Some dates for your diary in 2019 November 2019 1 November Corporation tax due for companies with a 31 January 2019 year end. 2 November P46(Car) for quarter to 5 October 2019 due to HMRC. 5 November End of PAYE month 7. 7 November Due date for VAT returns for periods […] The post Dates for YOU! appeared first on BFMS Accountants and Business Advisers.

Reverse charge VAT for construction services delayed

The domestic reverse charge VAT for construction services was due to take effect from 1 October 2019. However, it was announced in Revenue and Customs Brief 10 (2019) that the start date is to be delayed by 12 months until 1 October 2020. Under the domestic reverse charge, it is UK […] The post Reverse charge VAT for construction services delayed appeared first on BFMS Accountants and Business Advisers.

MAKING TAX DIGITAL FOR VAT

The start date for Making Tax Digital (MTD) for VAT is fast approaching. If you are a VAT-registered business with turnover in excess of the VAT registration threshold of £85,000, you will need to comply with the requirements of MTD for VAT from the start of your first VAT accounting period […] The post MAKING TAX DIGITAL FOR VAT appeared first on BFMS Accountants and Business Advisers.

VAT Flat Rate Scheme Changes 01.04.2017

Limited cost traders The VAT flat rate scheme aims to simplify the tax affairs of smaller businesses by allowing them to work out the VAT that they pay over to HMRC by applying a flat rate percentage to their VAT-inclusive turnover, rather than working out the difference between the VAT that […] The post VAT Flat Rate Scheme Changes 01.04.2017 appeared first on BFMS Accountants and Business Advisers.

VAT Thresholds 01.04.2014

The standard rate of VAT remains at 20% and the reduced rate at 5% With effect from 1 April 2014 thresholds are:- Registration threshold £81,000 Deregistration threshold £79,000 The post VAT Thresholds 01.04.2014 appeared first on BFMS Accountants and Business Advisers.

VAT Registration

From 01.04.2012 £ Registration threshold 77,000 Deregistration threshold 75,000 The post VAT Registration appeared first on BFMS Accountants and Business Advisers.

A few more – New VAT Rules

Storage Supplies of self-storage will be standard rated (at present they are exempt unless the supplier has opted to tax the relevant building) This is mainly aimed at businesses which offer lock-up units in purpose-built or converted buildings but it will also apply to any defined space which is let for […] The post A few more – New VAT Rules appeared first on BFMS Accountants and Business Advisers.

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