HMRC Tax Receipts 2021/22 – A quick breakdown and summary

HMRC Tax Receipts 2021/22

Latest HMRC tax receipts show that the UK Government has collected £718.2bn in the fiscal year 2021-22. This is an increase of 23% compared to 2020-21 where tax receipts collected was £584.5bn and an increase of 13% compared to 2019-20 (pre-pandemic) levels where tax receipts were £633.4bn. These are staggering figures, so soon after lockdown […]

Spring Statement 2022 – Full In Depth Look

Spring Statement 2022

The Chancellor presented two Budgets in 2021 in which he set out a great many details of the tax rates and rules that will apply until April 2026. The 2022 Spring Statement was expected to review the economic situation and adjust forecasts. It was not supposed to include anything significant about tax. Of course, things […]

Making Tax Digital for VAT comes to effect on 1st April 2022

Making Tax Digital

From 1st April 2019 most VAT registered businesses with a taxable turnover above the threshold of £85,000 were required to sign up to “Making Tax Digital” (MTD). This requirement to sign up to MTD is extended from 1st April 2022, to cover all VAT registered businesses whether or not their taxable turnover is over £85,000. […]

Cross Border VAT after Brexit- are you prepared?

EU Flags

The UK will leave the EU VAT and Customs regime on the 31 December 2020 and this will involve some fundamental changes to the way UK businesses conduct trade within the EU. Movements of goods to the EU Currently, if a UK business supplies goods to another VAT registered  business within the EU, then it […]