HMRC issues reminder about VAT penalty cut-off date
HMRC has warned businesses that took advantage of the coronavirus VAT deferral scheme last year that a key penalty deadline is looming. What’s the story?
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New HMRC guidance on winter fuel payments
HMRC has released new guidance on the recovery of winter fuel payments. What do you need to know?
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Festive tax breaks for remote workers
You’re familiar with the tax break for Christmas parties but you now have a few remote workers, and the company will need to reimburse their travel and accommodation costs if they attend an event. Which costs count towards the tax-free limit and how can you manage any overspend?
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New process for some exports starting in Northern Ireland
Starting next month, businesses that import goods via Northern Ireland will need to change their processes. What do you need to know?
At the start of the first lockdown, HMRC announced that VAT payments due between 20 March 2020 and 30 June 2020 could be deferred. The amounts deferred needed to be paid back by 31 March 2021. HMRC has now issued a reminder that if the deferred amounts are not made good by the end of June, a 5% penalty will apply as well as interest. Any business that has not already made good the amounts should make sure they do so by that date.
Alternatively, businesses that are struggling to pay the amount in one instalment can still opt into the new payment scheme here until 21 July 2021, and spread the repayment over the period to 31 March 2022. The number of instalments available will depend when the scheme is joined:
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Join before |
Number of instalments available |
|
19 May 2021 |
9 |
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21 June 2021 |
8 |
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