Those working in the construction industry might have to handle VAT in a different way from 1st March 2021 following the introduction of the new VAT reverse charge system.

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The payment deadline for self assessment tax returns is 31st January and interest is charged on any unpaid tax from February 1st. HMRC will also levy a 5% late payment penalty on any overdue tax as of the March 3rd however this has now been deferred due to the covid-19 situation that has affected the country. Tax payers will now be given more time to pay or time to set up a payment plan with HMRC.

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