There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into effect on 1 March 2021, make the supply of most
Construction industry – VAT reverse charge
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Chancellor unveils new measures
Chancellor Rachel Reeves has recently introduced a series of new measures aimed at advancing the priorities of the new government. The key announcements include:
New funding for breakfast clubs at
Service tipping law now in force
New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on 1 October 2024. This change follows the enactment of The
Will 10% tax on business disposals survive?
While there have been no specific announcements regarding changes to Business Asset Disposal Relief (BADR), the Chancellor may consider modifying this relief in the upcoming Budget. If you are
Using the GOV.UK ID Check app
The GOV.UK ID Check app is used to allow applicants to verify their identify when they sign in to a government service with GOV.UK One Login. Once this had been completed satisfactorily, your identity
New powers for banks to combat fraudsters
Banks will be granted new powers to delay and investigate payments suspected of fraud, enhancing consumer protection against scammers.
Under new laws being proposed by the Government, banks will be
New residence-based relief for non-doms
A reminder that the government has stated that it will remove preferential tax treatment based on domicile status for all new foreign income and gains (FIG) that arise from 6 April 2025. To replace
Government crack-down on late payers
The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing SMEs £22,000 a
Tax Diary November/December 2024
1 November 2024 – Due date for Corporation Tax due for the year ended 31 January 2024.
19 November 2024 – PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax
Starter checklist for PAYE
When hiring a new employee, employers must determine the appropriate tax code and starter declaration for their payroll software. Using incorrect tax codes can result in the new employee over or
Relief for company tax losses
Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale or disposal of a capital asset, or on property income. Tax relief may be available to
Check your State Pension age
HMRC’s ‘Check your State Pension age’ tool is available at www.gov.uk/state-pension-age/y.
The online tool allows taxpayers to check the following:
the earliest age they can start receiving the
When you must register for VAT
The taxable turnover threshold for VAT registration is currently £90,000 and has applied since April 2024.
Businesses must register for VAT if they meet one of the following conditions:
At the end
Cash in Child Trust Funds
HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 670,000 young adults in this age
Tracing lost pension details
An online service is available on GOV.UK at www.gov.uk/find-pension-contact-details to help people find their lost pension funds.
You can use this service to find contact details for:
your own
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