Matthew Tyson, Managing Director at Richard Place Dobson (RPD), Crawley based Chartered Accountants and Business Advisors reports on upcoming deadlines in 2021. Which ones will impact you?
From 1 January 2021, all VAT registered businesses that import goods into the UK (from anywhere in the World) are able to account for the import VAT on their VAT returns (under postponed VAT accounting). Whilst this is already live, most businesses will only really be experiencing the changes in the next few weeks as they come to file their first VAT return under this system.
Furthermore, businesses can download copies of their monthly postponed import VAT statements via the Government Gateway, which will show the total import VAT postponed for the previous month. The VAT will be accounted for on the same VAT return, giving a cashflow advantage compared to the old system.
With March soon approaching, the new Domestic Reverse Charge for VAT came into force for construction businesses and the final date for Bounce Back Loan scheme applications is due to happen on 31 March.
April is always a big month, with the end of the tax year on the 5th, closely followed by the IR35 changes on the 6th. For those that are or use sub-contractors are you affected by the IR35 changes? Do you need to review those people you engage that are not already employees? Lastly, on 30 April, the Coronavirus Job Retention Scheme is due to run out.
If you are affected by any of the above or would like to discuss any of Richard Place Dobson’s services, please email Matthew Tyson at firstname.lastname@example.org or visit their website: http://www.placedobson.co.uk/.