2021 Tax Year End Guide

With the ever-changing circumstances of 2020/21 it is hard to imagine that we are already close to the tax year end again.

Feels like we did nothing and went nowhere in the last 12 months!

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Sending goods to the EU — problems and solutions

A number of exporters have faced problems with sending their goods to the EU. Many lorries have been turned back at the border by Border Force and over 150 have incurred fines in Kent for the failure to have complete paperwork. Here we identify the issues that are most frequently found and explain how to get it right first time.

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January 2021 Tax Insider

Included in this month’s article:

  • Annual investment allowance remains at £1m until 2022
  • HMRC issues last reminder for 2019/20 personal tax returns
  • One-year freeze for business rates multiplier in England
  • National living wage to increase alongside age threshold fall
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STRATEGIES FOR EXPORTS AFTER BREXIT

The UK has left the EU, and for British exporters, that presents both opportunity and uncertainty.
While the new trade agreement places no tariffs or quotas on goods traded between the UK and EU from 1 January 2021, it may come with additional costs and bureaucracy as the UK is no longer part of the single market and customs union.

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CLAIMING VAT ON PAYMENT OF THIRD-PARTY LEGAL COSTS

My client has been in dispute regarding a road traffic accident between one of his company’s lorries, and another VAT registered business’ lorry. A small claims court has judged in favour of the third-party business, and has awarded them payment for damages, including reimbursement of their legal costs. The third-party is a partially exempt business, and so they would like reimbursement for the net amount of their costs, plus the VAT – will the third party raise a VAT invoice to us for payment of those costs and can my client claim back any of the VAT?

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GAINS ON UK RESIDENTIAL PROPERTY

Earlier this year, a new rule requiring capital gains tax on UK residential property to be reported and paid to HMRC within 30 days kicked in.

This ushered in another change to tax rules affecting residential property owners, which seeks to raise more tax from the disposal of additional homes and to collect this tax quicker.

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Tax Insider December 2020

INCLUDED IN THIS MONTH’S ARTICLE:

  • VAT-REGISTERED TRADERS URGED TO PREPARE FOR LIFE AFTER BREXIT
  • FURLOUGH SCHEME EXTENDS UK-WIDE UNTIL THE END OF MARCH
  • GOVERNMENT BODY URGES CAPITAL GAINS TAX OVERHAUL
  • SELF-EMPLOYED FEAR TAX RETURNS MAY AFFECT FOURTH SEISS CLAIM
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