The Chancellor Rishi Sunak’s mini-Budget: everything you need to know

Chancellor Rishi Sunak has unveiled his summer economic update in a bid to mitigate the impact of the Covid19 pandemic, with the aim of boosting job creation through a government ‘plan for jobs’ and encouraging consumer spending

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Year End Tax Tips for Businesses 2019/2020

As the end of the tax year approaches, it’s a great time to consider if there are any opportunities to benefit from tax relief. Here are HB’s top tax tips for businesses for the year end – if you want to know more, give the tax team at HB Accountant a call.

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Construction services: VAT domestic reverse charge – on hold now for 12 months!

*The reverse charge for contractors has just been put on hold for 12 months!

Yes you read that correctly – HMRC have announced that the Reverse Charge for Contractors has been put on hold for 12 months.

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*On 1st October 2019 HMRC’s new VAT domestic reverse charge for construction services was due to come into force, as part of ongoing moves to cut VAT fraud. The new rules require the contractor receiving services and not the sub-contractor who supplied the services to account for the Output VAT due on specific building and construction services. This change means that construction businesses will need to know whether the reverse charge applies. They’ll also need to ensure their accounting processes and IT systems can handle the reverse charge. It’s also recommended that businesses estimate and plan for any impact on cash flow if they are no longer holding Output VAT.

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