Earlier this week, Chancellor Rishi Sunak announced a broad range of measures to support businesses and households including details of how the ongoing support will be financed.
March and April represent the most common financial year ends, which means that many people will soon be reaching the end of their accounting and tax year.
The Domestic Reverse Charge was due to be introduced in October 2019 but was twice delayed due to Brexit and Coronavirus but will now come in from 1st March.
Despite recessions, high unemployment levels, and business failures, you may be surprised to know that a crisis can also create entrepreneurial opportunities.
Most taxpayers do not have to fill in a tax return. If HMRC thinks you are paying the right amount of tax through the Pay As You Earn (PAYE) system on your wages or salary, or on an occupational pension, they will not send you a tax return but we always advise checking to make sure, otherwise you could face a £100 penalty.