The Import One-Stop Shop (IOSS) is set to come into force this summer under sweeping changes to EU VAT law. If your business supplies goods to consumers in the single market, this is what you need to know. What is the Import One-Stop Shop? The IOSS is a new electronic portal that can be used…
Business in the UK will face some huge challenges if proposals for sweeping changes to the taxation system are implemented. Changes could come into force following the long-awaited publication of the House of Commons Treasury Committee report ‘Tax After Coronavirus,’ which was published at the start of March. Reform has already begun on reforms to…
Companies now have less than one month left to join the VAT Deferral New Payment Scheme. The deadline to join the scheme on 21 June has prompted HM Revenue & Customs (HMRC) to issue a fresh warning to businesses that haven’t already joined the scheme, that they face a five per cent penalty if they…
Following the Government’s decision to extend the Coronavirus Job Retention Scheme (CJRS) earlier this year, businesses now have the opportunity to rely on this support until the end of September. Introduced more than a year ago, the furlough scheme (as it is more commonly known) has helped many businesses to retain talented employees without having…
Directors of dissolved companies who have benefited from the Government-backed Coronavirus loan schemes, who now do not intend to repay them, could find themselves facing tough sanctions. The Government has announced that the Insolvency Service will be given new powers to investigate directors of companies that have been dissolved to avoid the repayment of loans.…
The new European Union cross-border VAT e-commerce rules are set to come into force on 1 July 2021. If you move or supply goods to the EU or Northern Ireland, here’s what you need to know. What are the new e-commerce rules? The new regulations are designed to make life “simpler and fairer” for traders.…
New Government advice will help traders submit customs import declarations for non-controlled goods imported from the EU, it has been announced. The report comes after HM Revenue & Customs (HMRC) wrote to more than 200,000 businesses reminding them of their new tax and customs obligations now that the UK has officially left the EU. According…
Eight new Freeports will create hubs for trade and help “regenerate” communities across Britain, the Queen’s Speech 2021 has confirmed. But what are Freeports? And how could they help your business? In this blog, we’ve covered everything you need to know about Freeports. What are Freeports? Freeports are trading hubs usually built around shipping ports…
Companies that signed up to the VAT deferral scheme have been warned they face a five per cent penalty if they do not make payment arrangements by 30 June this year. Over half a million businesses deferred VAT payments last year. HM Revenue & Customs (HMRC) has confirmed that companies will be liable for the…
