Putting aside the risk of contracting coronavirus, we thought it might be useful for practitioners to consider the upcoming changes for the first quarter of 2021 that practitioners will need to deal with in the coming months.

The following list may not be complete, but it definitely indicates that firms will be in for a busy time.

January 2021

  • From 1 January 2021: Clients with EU suppliers, customers or haulage companies crossing the Channel will need to adapt to new customs and border regulations.
  • Possible Spring Budget
  • 31 January 2021: SA filing deadline. Practitioners will also need to support clients with payment options as any deferred payment from July 2020, balancing payment for 2019-20 and first POA for 2020-21 become due. 

February 2021

  • Possible Spring Budget

March 2021

  • 1 March 2021: VAT Reverse Charge process applies to construction industry.
  • 31 March 2021: Any VAT payments deferred from 2020-21 are due for payment unless clients opt-into the extended instalment repayment process that needs to be completed by 31 March 2022.
  • Last chance to support clients with tax planning options before 5 April 2021 cut-off date. 

Source: New feed