The following is a summary of the Spring 2021 Budget from March for the self-employed, those in partnerships, or owners of limited companies, with information for both individuals and employers.
Month: March 2021
Making Tax Digital
The following is a list of the dates and circumstances under which Making Tax Digital will apply.
VAT deferral new payment scheme – opt-in from 23 February 2021
If your business has deferred VAT payments due between 20 March to 30 June 2020 and you still have payments to make, you can opt into the VAT deferral new payment scheme to pay your deferred VAT over a longer period.
VAT reverse charge on construction and building services.
VAT Reverse Charge: 1 March 2021 update.
The Construction Industry Scheme (CIS) VAT reverse charge applies to construction services from 1 March 2021. Please note this only applies to construction supplies made by a business to business that are both VAT registered.