Our summary of the Economic Update provides an overview of the key announcements arising from the Chancellor’s speech.
The VAT Reverse charge on Construction Services is being introduced by HMRC from 1st March 2021 in response to organised criminal attacks on the VAT system in the construction sector.
The Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS) both have upcoming deadlines that you should be aware of.
HMRC has announced that to assist taxpayers, they can if they wish, pay their Self Assessment liabilities in instalments.
Following the Prime Minister’s announcement last night, businesses that operate in retail, hospitality and leisure will be forced to close until at least February half-term. Following this announcement, there has been a further £4.6 billion released in new lockdown grants to support businesses and protect jobs.
The Brexit transition period has now ended. If your business trades goods with Europe, you will need to be aware of the changes that came into effect as of 1 January 2021.