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01/01/2021

January Tax Tips & News

Welcome to the Boon and Worth Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

Latest round up

With much of the country entering Tier 3 restrictions around Christmas, and Wales being put back into a stay at home lockdown from 28 December, it is inevitable that there would be further announcements made with respect to business-related COVID-19 measu Read More...

Reverse charge for building services imminent

After two delays, the new rules for certain building services will finally take effect from 1 March 2021. Under the current rules, a business (for example a builder) will add VAT to their sales invoices passed to their customers, and then account for this Read More...

First-year allowances for zero emission cars to continue

There was some confusion when Finance Act 2020 was published. The government had announced that it would be extending the current enhanced 100% first-year allowance (FYA) available for zero-emission vehicles. However, when the legislation was published th Read More...

HMRC launches UK VAT number checking tool

Following the UK’s exit from the European Union, VAT registration details of UK companies will no longer be maintained on the VAT Information Exchange System (VIES). Being able to check the validity of a new supplier’s VAT number is an important step in c Read More...

January questions and answers

Q. I took advantage of the VAT deferral scheme back in June 2020. The payment date is 31 March 2021, but we had to close again on Christmas Eve - meaning we're going to struggle with cash flow. Is it possible to defer the payment? Read More...

January Key tax dates

1 - Due date for payment of Corporation Tax for accounting periods ending 31 March 2020 7 - Electronic VAT return and payment due for quarter ended 30 November 2020 14 – Filing deadline for form CT61 to report interest payments in quarter ended 31 Decembe Read More...

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