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.

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.