Tag archives for vat
New Economic Recovery Schemes
On Wednesday 8 July, chancellor Rishi Sunak announced several schemes intended to help the UK economy recover as we come out of lockdown. Whlst we are still awaiting details on…
Important Summer Dates
VATOne of the early coronavirus support schemes was an automatic deferment of VAT liabilities. This covered payments falling due in the period 1 April to 30 June 2020. VAT is…
Tax Questions and Answers
I am VAT registered and account for VAT on my sales when I raise an invoice. I have just found out one of my customers is going out of business…
Missed MTD Registration
If you are a VAT-registered business with annual income above the registration threshold (currently £85,000) then you should now be submitting VAT returns through Making Tax Digital (MTD). This requires…
Avoiding VAT Surcharges
As with so many things involving HMRC, failing to file and pay your VAT on time can result in penalties. VAT penalties are referred to as surcharges and you must…
Keeping Records for Making Tax Digital
From 1st April 2019, VAT registered businesses with turnover over the registration threshold (currently £85,000) will be required to submit their information under the Making Tax Digital (MTD) regime. This…
Questions and Answers
I’m VAT registered and I have just bought a second-hand vehicle for the business. Is there any VAT I can reclaim on this purchase? If the vehicle you have purchased…
VAT Pitfalls
When a VAT registered trader sells goods or services, they will normally have to add VAT to their sales. For most things this will be at the standard rate of…
VAT a mess
What links Jaffa Cakes, Pringles and puppies? The answer is that they have all been the subject of court cases to determine their treatment for Value Added Tax (VAT). VAT…
Spring Statement
This is the first year in which we will only have a single Budget each year, with this year’s set to take place in the autumn. However, this has not…
Autumn Budget 2016
Philip Hammond, the new Chancellor of the Exchequer, announced his first Autumn Statement to Parliament on Wednesday 23rd November 2016. Small businesses, which make a huge contribution to the economy,…