The LB Weekly Roundup – 12 March 2021

Thank you to those who attended our weekly roundup webinar this morning! The recording is at the bottom of this blog 👇

Key points and Budget Highlights from today’s Weekly Roundup webinar:

Please see our Budget Report – or watch last weeks roundup for a more detailed summary of business measures.

  • Common mistakes on a VAT return…
    • Poor record keeping
    • Partial exemption rules not being applied correctly or at all
    • Failure to pay over VAT on deposits on receipt
    • Not spotting the requirement to repay VAT previously claimed on unpaid purchase invoices older than 6 months.
    • Incorrect reporting of exempt and zero-rated transactions
    • Not registering for VAT in a timely manner when exceeding the turnover threshold of £85,000
    • Transactions relating to land and property not being accounted for correctly
    • VAT claimed incorrectly on business entertainment

See the full blog here:  

Key dates:

  • 23 February to 21 June – VAT Deferral Payment Scheme open
  • 15 March – Deadline for February Furlough claims
  • 31 March – Pay last years VAT (or have agreed a payment plan)
  • 31 March – Deadline to apply for a bounce back loan or CIBLs loan (if not already had one, or a top up if you need more)
  • 6 April – Changes to off-payroll working (IR35) implemented – See our video on this here:

Register for the next LB Roundup – 19th March at 9.30am

To register for the next LB Weekly Roundup please head to: 

If you have any questions or topics you would like us to cover in future sessions, email us at [email protected] to let us know what they are!

The LB Business Broadcast – Podcast

You can also listen to our Weekly Roundup recordings on our Podcast!

It’s available on Apple, Spotify and Google – just search for ‘The LB Business Broadcast‘.