Increased demand, high energy prices and supply chain issues have all put pressure on the economy – inflation has risen and is expected to get even higher. How will the increase affect you? Start preparing your business and protecting your supply chains.
There are key changes to the VAT flat rates scheme coming in to force from 1 June 2022. The changes will apply to small businesses using the scheme, which are importing goods and using postponed VAT accounting.
ou manufacture or import 10 or more tonnes of plastic packaging within a 12 month period, you may need to register for the new plastic packaging tax (PPT). The tax will come into force on 1 April 2022 and will be charged at a rate of £200 per tonne.
The government is changing the penalties charged for late submission of returns and late payment of tax it has been announced. The changes will initially apply to VAT and Income Tax Self Assessment (ITSA). As part of this reform, interest charges and repayment interest will be harmonised to bring VAT in line with other tax regimes.
Predictions were for a quiet budget from a tax point of view with the new hot topic “plastic tax” maybe taking the spotlight, but others were predicting changes on the tax relief attached to pension contributions whilst it was said elsewhere that Philip Hammond would use this budget to mark the end of austerity.
HMRC will not look to tax the gift. Simple and straight forward you might think, but there is a subtle planning point you might want to look out for.
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