The Government has announced that VAT will be payable on private school fees from 1 Jan 2025. We look at the tax point for private school fees, prepayments, the timeline and the Governments plans to engage with schools.
The reform of the VAT penalty system, which brings consistency to late payment and interest penalties and replaces the default VAT surcharge with a points based system, has been delayed until January 2023.
Supplies made by the hospitality industry that have been subject to a 5% VAT rate since July 2020, will become liable to 12.5% VAT between 1 October 2021 and 31 March 2022.
A recap of HMRC’s proposals to reform the penalties for late submissions to a points based system.
Following Rishi Sunak’s economic statement to the House of Commons on 11 Jan 2021, Craig Simpson, tax partner at Bates Weston, looks at the tax changes that may be ahead in the Budget on 3 March 2021.
The Chancellor has outlined his plans to protect the jobs and livelihoods of millions, as the country continues to try and manage the virus. Here is our summary.
On 21 July the government published its 10 year strategy for the tax system. This included its plans to extend the Making Tax Digital initiative.
The VAT domestic reverse charge has been delayed. Use the time to understand and prepare for it if you are a VAT registered individual or business in the construction industry.
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