The implementation of domestic reverse charge for construction services, which has caused much consternation for the construction industry, has been delayed until 1 October 2020. Full details can be found in Revenue and Customs Brief 10 (2019): domestic reverse charge VAT for construction services – delay in implementation.
A major change in the way Subcontractors invoice Contractors for services provided within the construction industry (being CIS supplies) takes effect from 1st October 2019. In summary, where a Subcontractor makes a CIS supply of services to a Contractor then VAT should not be charged by the Subcontractor and VAT should not be claimed…
We are finding that more clients are attempting to cut their costs by running their business from home. If this applies to you then the following CronerTaxwise article may be of interest: https://www.cronertaxwise.com/community/vqotw-home-office/
Tax-Free Childcare is a government scheme available to working parents, including the self-employed, with children aged 0 to 11. Eligible parents can get up to £2,000 per child per year towards qualifying childcare. For clients with 2 children, it could mean a £4,000 saving per year on the family’s budget. Parents can use it on…
The IR35 ‘off payroll’ rules are to be extended to the private sector from April 2020 onwards. The purpose of the legislation is to remove the tax advantages of providing services via a limited company for individuals who are not truly in business on their own account. Have a look at the following item: https://www.itcontracting.com/april-2020-private-sector-ir35-changes-what-happens-now/…
GUIDE TO INFORMATION REQUIRED IN RESPECT OF YOUR SELF ASSESSMENT TAX RETURN Details required if you are employed Form P60 (details of income and tax deducted during the year). Form P11d (details of benefits provided if P11d form is not available). Details of bonuses or other income whether taxed or not. Your PAYE coding notices,…