There will be several VAT changes for businesses that import or export goods from 1 January 2021 as the rules that permit free movement of goods and people between the UK and the EU cease to apply from 11pm on 31 December 2020.
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Before the Covid-19 pandemic, many of us would travel to Europe to meet customers or attend trade shows. VAT on business expenses incurred in another EU country up to 31 December 2020 can be reclaimed through HMRC's online VAT service.
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Management accounting can help develop a clear picture of your monthly performance, financial year to date, performance against budget and previous years.
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Many hospitality venues have been closed for almost a year and are still unable to open under the Covid-19 restrictions. To help them survive this period, the Government has given them a 15% VAT reduction on most sales.
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