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VAT-REGISTERED TRADERS URGED TO PREPARE FOR LIFE AFTER BREXIT

AVRUPA TIMES/FINANCE-LONDON-HMRC has issued a last call to around 250,000 traders, highlighting urgent actions to take if they wish to continue trading with the EU from 1 January 2021.The UK will leave the EU single market and customs union when the Brexit transition period comes to an end on New Year’s Day.From then, new customs and tax rules will affect businesses that either import or export goods to the EU, regardless of a free trade deal being struck.
     
GOVERNMENT BODY URGES CAPITAL GAINS TAX OVERHAUL
Current capital gains tax rates are too complex and should be aligned with income tax rates, according to the Office for Tax Simplification (OTS).The OTS said harmonising capital gains tax rates with income tax rates could raise an extra £14 billion a year for the Treasury, equating to £70bn over five years.
     
SELF-EMPLOYED FEAR TAX RETURNS MAY AFFECT FOURTH SEISS CLAIM
Some self-employed workers fear submitting their 2019/20 tax return early might affect their ability to claim a fourth taxable grant from the Government.The deadline to submit tax returns for 2019/20 through self-assessment is on or before midnight on 31 January 2021, with around 10.7 million returns sent in last year.
   
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