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VAT


Notify Option To Tax Land And Buildings Within 30 Days

If you are notifying HMRC of a decision to opt to tax land and buildings, you are normally required to notify HMRC within 30 days. The 30 day deadline was temporarily extended to 90 days to help businesses and agents during the pandemic, but that temporary extension has now ended for decisions made from 1 […]

Read more September 20th, 2021

5% VAT On Tourism And Hospitality Ends 30 September

The reduced VAT rate of 5% has been extended until 30 September 2021. Following this, an interim rate of 12.5% will be in place for a further six months with the standard rate of 20% returning in April 2022. If you are a VAT registered business, check if you can temporarily reduce the rate of […]

Read more September 20th, 2021

Accounting For Import VAT On Your VAT Return

HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union. Businesses registered for VAT in the UK can account for import VAT on their VAT Return for goods imported into: Great Britain (England, Scotland and Wales) from anywhere outside the UK […]

Read more September 10th, 2021

HMRC VAT Direct Debit Letters

HMRC are sending out letters to VAT registered businesses advising them that their Direct Debits may be cancelled for VAT if they have not provided their email address to HMRC. In order for HMRC to comply with the UK banking regulations, they must advise you in advance of the amount of VAT they will be […]

Read more June 21st, 2021

Making Tax Digital Extended To More Businesses

Currently, only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible software. MTD for VAT is now being rolled out to all VAT registered […]

Read more May 12th, 2021

VAT Domestic Reverse Charge for the CIS Update

From 1st March 2021, the Domestic Reverse Charge must be used for most supplies of building and construction services. The new rules apply to:- Services reported under the Construction Industry Scheme Individuals and businesses that are VAT registered in the UK and where VAT is chargeable at 20% or 5% The reverse charge does not […]

Read more March 24th, 2021

Domestic Reverse Charge For CIS VAT Codes For QuickBooks Users

Following HMRC’s introduction of the new rules from 1 March 2021, QuickBooks have now updated their processes so you only need to have VAT activated on QuickBooks to be able to access the new VAT codes. You do not need CIS Tax activated as well. You will need to activate the new VAT codes as […]

Read more March 12th, 2021

Domestic Reverse Charge For The Construction Industry Scheme VAT Codes To Use

The new VAT rules for HMRC’s Domestic Reverse Charge for the Construction Industry Scheme comes into effect on 1 March 2021. If you are using software to prepare your bookkeeping, you will need to use new VAT codes to account for these transactions. The new VAT codes can be found as follows:- Sage Line 50 […]

Read more February 24th, 2021

Post Brexit New VAT Rates To Use For Bookkeeping

Following the BREXIT transition period coming to an end on 31 December 2020, from 1 January 2021, new VAT codes have become available to use for bookkeeping. Please see below details for how to access the new rates on Sage 50, Sage Cloud, QuickBooks and Xero and how to activate Postponed VAT Accounting if you […]

Read more February 23rd, 2021

Arranging Payment Of Deferred VAT To HMRC

If you opted to defer VAT payments due to HMRC between 20 March and 30 June 2020 and the deferred amounts have not been paid in full yet, you will need to take one of the following actions. You may be charged interest or penalties if you do not use one of the 3 methods […]

Read more February 23rd, 2021

New VAT Rules For Construction Sector

New VAT rules are finally due to come into effect 1 March 2021 which will impact on accounting for VAT for transactions in the construction sector. These new rules, which were originally scheduled to start back in October 2019, have already been delayed twice as there was a lack of awareness of the changes in […]

Read more January 14th, 2021

VAT Post-Brexit Changes To Imports And Exports

Exports If you are a VAT registered person or business and you export goods, from 1 January 2021 all sales of goods to a destination outside of the UK will be classed as Exports and therefore can be zero-rated as long as they meet the normal conditions in VAT Notice 703 Section 3. These include […]

Read more January 13th, 2021

VAT Updates For December 2020

VAT deferred due to Coronavirus If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can: pay the deferred VAT in full on or before 31 March 2021 opt into the VAT deferral new payment scheme when it launches in 2021 contact HMRC if you need more […]

Read more December 9th, 2020

Important Update On VAT Returns Submissions

Following the original implementation of Making Tax Digital in April 2019, initially for VAT-registered businesses over the VAT threshold, it has been fairly quiet especially after the postponement by a year of further implementations was announced in the summer. The next wave of businesses required to register and comply with MTD are the remainder of […]

Read more November 19th, 2020

Job Support Scheme Starts 1 November

The Chancellor has announced a new 6 month Job Support Scheme to help businesses and employees survive the winter months. We are still awaiting full details of the scheme that will replace the current “flexible furlough” scheme but the main features are as follows:- Employers of all sizes will be eligible for the new scheme […]

Read more October 15th, 2020