Completing a One Stop Shop VAT return
HMRC’s guidance on how to complete and submit a One Stop Shop (OSS) VAT Return from 1 October 2021 has been updated. The special VAT return should only be completed by businesses registered for the OSS Union scheme.
The OSS Union scheme can be used by businesses selling goods from Northern Ireland to consumers in the EU under the terms of the Northern Ireland Protocol. In order to use the scheme, sales must be above the distance selling limit of £8,818 (€10,000). The scheme is only for the
More on possible change to tax year end date
As we mentioned in a recent post, the Office of Tax Simplification (OTS) has released a new video on a number of possible changes to the tax regime. Perhaps the most radical of these ideas relates to the exploration of changes to the tax year end date. The unusual tax year end date of 5 April dates back to the British change from the Julian calendar to the Gregorian calendar in 1752, when the tax year changed to end on 4 April. This changed again in 1800 in recognition of further calendar issues
OTS releases video update
The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a recording of an online video update setting out its recent publications on three separate issues.
The insights into tax changes that have been considered by the OTS are as follows:
Capital Gains Tax first and second reports. The first report looks at the policy design and principles underpinning the tax whilst the second
Make the most of tax-free trivial benefits
The trivial benefits in kind (BiK) exemption applies to small non-cash benefits, for example a bottle of wine or a bouquet of flowers, given occasionally to employees.
Although the benefit is defined as ‘trivial’, employers should remember that this can be an efficient way to provide small rewards and incentives to employees. The main requirement is that the gifts are not provided as a reward for services performed or as part of the employees’ duties. However, gifts to employees on milestone
Find customs agent to help with import/export declarations
If you are moving goods to or from the UK then you need to ensure that you have all the correct procedures in place. This is a complex area, and you may need to consider the support of a customs agent to help with your import and / or export declarations.
Customs declarations can be difficult and time consuming to complete.
Most businesses use a specialist such as a customs agent, broker, freight forwarder or fast parcel operator to submit import and export customs declarations on their
MTD for Income Tax has been delayed by one year to April 2024
The introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) has been delayed by one year until April 2024. This change was announced in a Written Statement to Parliament. The reason for the delay was given as combination of the issues many UK businesses and their representatives are facing as a result of the pandemic as well as feedback from interested parties.
MTD for ITSA will fundamentally change the way businesses, the self-employed and landlords interact with HMRC.
Tax Diary October/November 2021
1 October 2021 – Due date for Corporation Tax due for the year ended 31 December 2020.
19 October 2021 – PAYE and NIC deductions due for month ended 5 October 2021. (If you pay your tax electronically the due date is 22 October 2021.)
19 October 2021 – Filing deadline for the CIS300 monthly return for the month ended 5 October 2021.
19 October 2021 – CIS tax deducted for the month ended 5 October 2021 is payable by today.
31 October 2021 – Latest date you can file a paper version of your