This may affect everyone in business. If it does not apply to your personal circumstances at the moment, please feel free to pass it on to anyone to whom you feel it would be helpful.
Making Tax Digital
At present, everyone required to register for VAT on the grounds of turnover have to submit VAT returns using online software.
From April 2022, this is expected to apply to all VAT registered persons (including companies and partnerships) regardless of turnover.
From April 2023, it is expected that all self-employed business owners will have to submit returns of profit using online software, unless the business turnover is below £10,000 per annum.
If you are not using online software for your business records we suggest that you begin to do so as soon as possible.
We support Free Agent, Quickbooks, Sage Cloud and Xero and can offer training to you in using them. More software packages may be added to the list as time goes on.
Stamp Duty Land Tax
From 1 April 2021, all non UK residents who buy an UK property will have to pay an additional surcharge of 2 per cent. This is in addition to other SDLT surcharges for, e.g. second homes.
The Government is consulting on business rates reform. This may include the imposition of an online sales tax.
As almost everyone in the world sells things online these days (e.g. on Ebay) we are concerned about the impact of the proposed tax.
The date for replies to the consultation is 18 September 2020. If you would like your voice to be heard and are unsure how to proceed you are invited to get in touch so that a response can be drafted. Please do so not later than 31 August 2020 so that your views can be included in the response.
The above note is for general guidance only. Please contact us for specific advice in your circumstances before taking any action.
– By Stephen Handley, FCCA