Latest News
Feb 2021 – Changes from Exiting the EU
Brace for more change as there are changes from exiting the EU. The UK is now treated as a third country in relation to the EU, which means the VAT rules on imports and exports have changed for all goods (of any value) crossing the ...
Feb 2021 – VAT on Goods Crossing Borders
VAT on goods crossing borders The UK is no longer treated as an EU country since the Brexit transition period ended on 31 December 2020. This has some significant implications for VAT and duties on international transactions. All imports of goods into Great Britain (different ...
Feb 2021 – Construction Industry VAT Changes
Construction Industry VAT changes From 1 March 2021, the responsibility for accounting for VAT on building works will shift up the supply chain to larger contractors. Building sub-contractors will no longer charge VAT to other businesses in the construction industry. Instead, their building customers will ...
Feb 2021 – Selling your Business
Selling your business If you are wondering whether, or when, you should dispose of your business, a sensible first step is to form an outline plan. The sale of a successful trading company will generate a capital gain. This would normally be taxed at 20% ...
Feb 2021 – Tax Return Deadline
Slowness fines If you miss the deadline for filing your self-assessment tax return (28 February for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged, and after six ...
Jan 2021 – Deferred VAT Payments: New Payment Scheme Announced
The Government has announced that deferred VAT payments for the period between 20 March and 30 June 2020, which would be due on 31 March 2021, can now be paid in instalments. Businesses which deferred paying their VAT due to Covid-19 were able to delay ...
Jan 2021 – R&D Tax Credits, could your business make a claim
Research and development (R&D) tax credits are a valuable source of funding that helps UK businesses fuel their growth. With large sums of money at stake, there are numerous organisations that may contact you regarding R&D tax credits, however, Clarke Nicklin can take care of ...
Jan 2021 – Buying/Leasing a Commercial Vehicle
Is it a car or van? Buying or leasing a commercial vehicle (e.g. a van) attracts more generous tax deductions for the business than acquiring a car. The vehicle’s driver will also pay far less tax if he is driving a company van rather than ...
Jan 2021 – Tax Debt
Tax debt In addition to the various coronavirus business loan schemes, the government has allowed businesses to build up tax debt. Payment of the VAT due in the period March 20 to June 30 could be postponed until 31 March 2021. Unincorporated businesses and individuals ...
Jan 2021 – UK Businesses Win Right to Insurance Payouts for Covid losses.
Hundreds of thousands of small businesses could be in line for insurance payouts covering coronavirus-related disruption following a landmark Supreme Court decision last week. Under the ruling, more policyholders will now have valid claims against insurers for disruption they've faced due to the pandemic. The Supreme ...
Jan 2021 – Furlough, Have you Claimed the right amount
At Clarke Nicklin we have been assisting our clients with the furlough scheme since it went live in April 2020. The job retention scheme involved a lot of calculations and wasn’t always the most straightforward of things as most if you will know. The HMRC ...
Jan 2021 – Brexit – What we now know
The EU and the UK have finally signed a Trade Deal Agreement This has an impact on UK imports and exports and how VAT will be charged going forward. This could affect the way you do business. Please ensure you are up to date with new ...
