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Brexit: Summary for VAT impacts

by | Jan 29, 2021 | Tax News

The UK exited the EU VAT regime, Customs Union and Single Market from 1 January 2021. This means the loss of a range of compliance simplifications and the imposition of customs declarations, goods regulations, services and import VAT. A Brexit Trade and Cooperation...

Covid-19 grants for closed businesses

by | Jan 27, 2021 | Covid-19, Tax News

The Local Restrictions Support Grant (LRSG (Closed)) supports businesses that have been required to close due to temporary local restrictions. Businesses that were open as usual and were then required to close due to local Tier 2 or Tier 3 restrictions may be eligible...

Income tax and deductibility of expenses

by | Jan 20, 2021 | Covid-19, Tax News

ACCA on Revisiting a case where not everything charged in the profit and loss account of a trade, profession or vocation is an allowable deduction for tax purposes.   At this time of year, you tend to remember cases which influence what you can claim. Here we revisit...