• Using the VAT Reverse Charge for CIS in 2021

    When must I use VAT reverse charge for building and construction services in 2021?

    In 2021 new rules come in for use of the domestic VAT reverse charge. Read about the changes that come in from 1 March.

    Services
    Published 20.01.21
  • Reverse Charge VAT for Construction Services

    Reverse Charge VAT for Construction Services postponed by 12 months, meaning the change will not be implemented until 1st October 2020.

    Services
    Published 11.09.19
  • More on Construction Industry Reverse Charge VAT

    Find out more about the domestic reverse charge VAT on supplies and services within the scope of the Construction Industry Scheme, introduced by HMRC.

    Services
    Published 23.07.19
  • Construction Industry Reverse Charge

    The change will shift the responsibility for accounting for the VAT on ‘specified services’ from the supplier on to the recipient of the supply.

    Services
    Published 24.06.19
  • High Income Child Benefit Charge (HICBC)

    Introduced by HMRC in 2013, the High Income Child Benefit Charge applies to parents earning over £50,000 adjusted income per year.  Total taxable income less pension contributions and gift-aid donations give the adjusted net income figure. HICBC places a tax charge of 1% on child benefit for each £100 above the £50,000 threshold the high-earner

    Services
    Published 27.02.19
  • How to make VAT work for you

    It has been talked about for years but The Treasury officially announced in the Spring Statement that it has launched a consultation on the VAT threshold. The mere mention of VAT often sparks sensitivity from small businesses in particular who fear the lowering of the threshold from the current £85,000 down to a figure of

    Services
    Published 02.05.18
  • HMRC Targeting Cash Businesses

    HMRC’s Task Forces are working across the UK to target cash businesses – particularly those involved with catering. The potential issues HMRC are looking for include under-declarations of sales, incorrect liability, standard-rated/zero-rated apportionments on eat-in and takeaway foods and the VAT treatment of tips and gratuities. Test Purchases at Cash Businesses As well as carrying out scheduled

    Services
    Published 01.05.18
  • We’re heading into our fifth year

    We’re pleased to announce that here at Whyfield we’re celebrating a significant milestone as we head into our fifth year of trading. Throughout this period, we’ve been striving to create something unique in the accountancy industry … a firm that puts clients first and a firm where those clients are more than just a number.

    Services
    Published 01.05.18
  • Making Tax Digital

    What does HMRC’s Making Tax Digital Scheme mean for you? Making Tax Digital forms the main part of HMRC’s big plans to reform the UK tax system.  The Making Tax Digital scheme was announced in March 2015 and since then, there have been various consultations and government debates on the topic. This is the largest

    Making Tax Digital
    Published 02.05.17
  • New Childcare Scheme from Autumn 2015

    A new childcare scheme is planned on being introduced next year to support working families with their childcare costs. For childcare costs of up to £6,000 per year per child, support of 20% will be available worth up to £1,200. From the first year of operation, all children under 5 will be eligible and the

    Services
    Published 02.07.15
  • April 2014 will see £2,000 employment allowance for National Insurance

    The Government will introduce an allowance of £2,000 per year for all businesses and charities to be offset against their employer Class 1 secondary NICs liability from April 2014. The allowance will be claimed as part of the normal payroll process through Real Time Information (RTI). Speak to us to see if your business is

    Services
    Published 02.07.15