HMRC

All posts tagged HMRC

MTD Update – Delayed for NHS bodies

by Berthold Bauer on October 19, 2018

HMRC have announced this week that Making Tax Digital will be delayed for some bodies, importantly including the NHS, until 1 October 2019. It was anticipated, given the complexities of the NHS and the requirement for monthly returns that they might introduce a delay for the requirement. This of course does allow everyone a little more time to ensure they have the appropriate means to submit their returns with the appropriate software, but it’s something we advise our Clients to prepare for as early as possible to avoid any potential problems.

READ MORE
Berthold BauerMTD Update – Delayed for NHS bodies

VAT with no-deal on Brexit

by Berthold Bauer on August 28, 2018

Last week HMRC announced their plans for VAT if the UK ends up leaving the EU in March 2019 without a deal. They have emphasised that the government is confident a deal will be reached, but they are introducing contingency plans as a precautionary measure.

READ MORE
Berthold BauerVAT with no-deal on Brexit

New HMRC VAT Rules: Building Contractors to become responsible for sub-contractors VAT

by Berthold Bauer on June 21, 2018

A new VAT Accounting procedure is to be implemented in October 2019 whereby the Main Contractor will become responsible for a sub-contractors VAT. In the same way in which the Construction Industry Scheme has addressed the missing tax aspect of labourers and small traders in the construction industry (by placing the burden of tax collection on Main Contractors & Developers); the purpose of the Reverse Charge for Construction Services is to reduce the occurrences of ‘disappearing trader fraud’.

READ MORE
Berthold BauerNew HMRC VAT Rules: Building Contractors to become responsible for sub-contractors VAT

VAT & Construction Post-Brexit?

by Berthold Bauer on January 17, 2018

VAT accounted for nearly a quarter of all UK tax revenues in 2015/2016; so it’s virtually guaranteed it will remain in place after Brexit (VAT in one form or another being in place for many non-EU countries: Switzerland, Norway, Israel & now even the United Arab Emirates).

READ MORE
Berthold BauerVAT & Construction Post-Brexit?

Autumn Budget 2017

by Berthold Bauer on November 24, 2017

The Chancellor has announced a new VAT relief alongside several other relevant statements:

–        Scottish Fire and Police services will no longer be liable for VAT, this will take effect from April 2018; bringing them in line with their counterparts around the United Kingdom.

–        The VAT registration threshold will remain at £85,000.00 for the next two years, despite suggestions it could be lowered following a report by the Office of Tax Simplification earlier in November

–       It was announced that there would be an “Accident Rescue Charities Grant Scheme”, this appears to be an extension to the 2014 Budget where it was confirmed that VAT relief would be granted to search and rescue charities; essentially a grant to help alleviate the VAT incurred.

In relation to the NHS, they have announced that a one-off £2.8bn of additional funding will be made available in the period of 2017-2020. The funding will be released in three tranches to the health service:

–        £350m 2017/18 immediate cash injection to help ease winter pressures

–        £1,650m 2018/19

–        £850m 2019/20

Additionally a £10bn package of capital investment in front-line services will be provided through to the end of parliament; presumably intended to support the STPs [Sustainability and Transformation Plans] that are currently active throughout the NHS.

Interestingly, the government announced that they are increasing the duty on so called ‘white ciders’ due to their low cost and high alcohol content, perhaps this will, indirectly over time have a positive effect on the NHS spend on treating alcohol related diseases such a liver cirrhosis.

READ MORE
Berthold BauerAutumn Budget 2017