Tax

In his Budget statement the Chancellor has confirmed that the reduction in VAT for tourism, leisure and hospitality businesses from 20% to 5% has been extended by six months until 30 September. It will then rise to 12.5% for the following six months before returning to the standard rate of 20% in April 2022.

The latest VAT news from our expert team.

VAT domestic reverse charge in the construction industry will come into force from 1 March 2021. Gillian explains what the reverse charge is and how this will affect all in the supply chain.

We’re asked increasingly about mobile office pods for those working from home. What are the tax consequences for the employer and employee?

Now that we have a Brexit deal in place, what is the Social Security position of employees embarking on a temporary international work assignment from 1 January 2021?

In these unprecedented times, cash flow is likely to become a hot topic and cause for concern for many. 

The question of tax relief on farmers’ grain stores has puzzled practitioners for some years. The structures and buildings allowance may now be available for new buildings, but relief is limited to 2% a year. Agriculture plant and machinery allowances can provide up to 100% tax relief within the annual investment allowance, but buildings generally are not eligible.

We explain some of the possible tax implications of common farm diversification methods.

Last month we looked at the example of Mrs Lambert, who sold her residence and realised a capital gain. At present her tax bill is £1,400 but HMRC are consulting on changes to a valuable relief that would see her tax charge increase to £14,700 if she sells the property on or after 6 April 2020.