Starting a new business after COVID-19

New businesses can still grow and flourish. Not much can stop determined entrepreneurs from building a new business from the ground up. Even during such challenging times as a COVID-19 or its ensuing fallout budding business owners are succeeding. The pandemic has proven a huge challenge for businesses. 396,155 UK firms closed in 2020 according to[…]

Construction sector: Reverse charge VAT

Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last-minute Government U-turn. This is when the VAT domestic reverse charge for building and construction services, to use its full name, will finally take effect at the third time of asking. In this[…]

Covid-19 VAT Deferral Scheme 20 March 2020

Eligibility On 20th March 2020, the Chancellor of the Exchequer, Rishi Sunak, announced several measures to help businesses across the UK who will be affected by the Covid-19 coronavirus. The situation is changing daily and there is scant detailed information coming from the government. We will keeping our website up to date and ensuring we give you the[…]

Registering for Making Tax Digital for VAT

MTD zero-hour is here The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software. You probably got a bit fed up of being reminded about the deadline for[…]

Deregistering for VAT

When and how to begin the process of deregistration These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold. Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as[…]