Premier Accounts Blog

Retailers that heavily rely on online sales to EU consumers need to comply with VAT reforms, which were introduced on 1 July 2021. The new rules were originally designed to stop an estimated €7 billion in annual VAT fraud by non-EU ecommerce sellers, mainly those in...

Almost 2,000 people who thought they’d reduced the values of their estates by making gifts have seen an inheritance tax break stripped away.  Inheritance tax is charged at 40% on individual estates worth more than £325,000, and this can double for married...

Planning to take advantage of low interest rates? After a challenging year for the UK’s residential landlords, you might have read about improvements to the buy-to-let mortgage market in recent weeks. In the three months to 31 May 2021, the average interest rates for...

Should employers shift towards greener vehicles? Despite the potentially high personal tax charge, many employees still enjoy and prefer the convenience of being offered the use of a company car by their employer.  Those employers familiar with the...

The 5% VAT repayment supplement is set to be replaced with the 0.5% repayment interest rate for accounting periods beginning on or after 1 April 2022.  VAT repayments are usually made within 30 days of HMRC receiving a business’s VAT return, but the tax authority...

Smaller businesses have until the end of the month to apply for grants to help them adapt to new customs and tax rules when trading with the EU. The £20 million SME Brexit Support Fund offers eligible UK traders grants of up to £2,000 to access practical support,...

An introduction to the main business tax. VAT is a business tax on the supply of goods and services. It is charged at varying rates depending on what is being supplied, who it is being supplied to and where it is being supplied to.  But with Brexit, temporary...

Allowable expenses and allowances in 2021/22. If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses.  By deducting these allowable expenses as part of calculating...

A million businesses need to have digital links in place to submit VAT returns and comply with phase two of Making Tax Digital (MTD) for VAT. All VAT-registered firms have until their first VAT return period, starting on or after 1 April 2021, to put digital links in...

Investment in the UK’s manufacturing sector is poised to rise as a result of the capital allowances super-deduction.  The super-deduction enables companies that invest in qualifying new plant and machinery to benefit from a 130% first-year capital allowance. The...