The Rt Hon. Philip Hammond delivered his Spring Statement yesterday and as expected, so close to Brexit, there was not much by way of announcements or anything of any substance.
There was a promise of a full spending review following agreement of a Brexit deal and a detailed Budget in the Autumn. In the coming months, the Government also intends to publish a number of regulations, papers and guides and we have listed below six of the key areas covered.
For more details on what was covered in the Spring Statement , download your copy here.
Introduction of the reverse charge for construction services with effect from 1 October 2019 A business supplying goods or services is normally required to charge VAT and declare this to HMRC. However, with some UK specified supplies, the supplier does not charge and collect VAT on the supply. Instead, the customer is required to account for output tax to HMRC. This VAT is recoverable, subject to the normal rules and the mechanism is called the reverse charge.
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Wilkins Kennedy highlight some issues and possible solutions for businesses trading in and/or moving goods.
VAT registered businesses have been receiving letters from HMRC recommending that an ‘EORI’ number (Economic Operator Registration and Identification number) should be applied for by 29 March 2019, in preparation for Brexit..
In his speech yesterday, Chancellor Philip Hammond demonstrated his commitment to the principle of the Spring Statement as a low-key event, at least in terms of tax and public spending announcements.