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VAT


Company Officers Jointly And Severally Liable For VAT Penalty

The decision in a recent tax tribunal case reminds us that directors and other company officers may be personally liable for VAT penalties of their company. The recent case involved a penalty for late registration for VAT where the threshold had been exceeded. Three conditions must be satisfied before the liability for a penalty payable […]

Read more September 16th, 2019

Tax Definitions Of Vans & Cars

When is a van not a van? HMRC are being urged to provide clarity and consistency on the tax treatment of commercial vehicles such as VW Kombi Vans marketed as goods vehicles. The need for clarity follows the ruling in an important tax tribunal case involving “vans” provided to employees of Coca Cola. The court […]

Read more September 16th, 2019

Company VAT Penalty Can Be A Liability Of An “Officer”

A recent case before the tax tribunal saw the liability for a late VAT registration penalty being passed on to a manager of the company. HMRC have the power to impose such a penalty on an individual where: There is a penalty payable by the company for a deliberate failure The individual on whom HMRC […]

Read more August 12th, 2019

New VAT Rules For The Construction Sector

Under new rules due to come in on 1 October 2019 builders, subcontractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. With these new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain will not be invoiced […]

Read more July 10th, 2019

The 5% VAT Rules

Firstly, to start with a common misconception, the 5% VAT rule does not mean that you can reclaim 15% VAT. Let’s start at the beginning and explain where the 5% VAT rate comes into play. The 5% or reduced VAT rate can be utilised in two situations: The conversion of premises to a different residential […]

Read more July 4th, 2019

Are You Ready Making Tax Digital (MTD)?

The first quarterly returns to be submitted to HMRC under the Making Tax Digital regime will be for the quarter ended 30 June 2019. Now is the time to make sure you are fully signed up and your software is activated ready for the submission which will be due by the 7 August 2019. Our […]

Read more June 21st, 2019

Making Tax Digital (MTD) Is Here!

Making Tax Digital (MTD) for VAT has been a long time coming. It is now here, as of 1 April 2019, and will be impacting any businesses with a VAT period that starts on or after 1 April 2019 with turnover above the VAT Threshold of £85,000. For most businesses, this will be their first […]

Read more May 31st, 2019

Making Tax Digital And VAT Registration

There will be a large number of businesses which have a turnover currently under the Making Tax Digital (MTD) registration limit but which will be getting nearer to that figure over time. Mostly these businesses will not yet be registered for VAT, but some may have registered voluntarily as their particular circumstances have a benefit […]

Read more May 13th, 2019

No Deal Brexit – What About VAT?

The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario. If the UK exits the EU without a deal, UK businesses will have to […]

Read more February 18th, 2019

What Is Making Tax Digital (MTD)?

What MTD means: Making Tax Digital (MTD) is the latest change to the method by which businesses must keep and administer their accounting records. Initially MTD for VAT will require VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software. Many […]

Read more December 6th, 2018