Build Your Business, and Keep More of Your Money

Chartered Accountants & Business Advisors

Call Us Today!

VAT


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

Making Tax Digital Delayed Further, Apart From VAT Reporting

HMRC have confirmed that no further Making Tax Digital (MTD) for business changes will be brought in before 2020 at the earliest. The Treasury set out its revised priorities for current digital transformation projects, to make room for the additional demands on its resources of work to upgrade customs systems in preparation for Brexit. The […]

Read more June 12th, 2018

Changes To The Government Gateway

The government gateway that many businesses use to make online submissions for VAT Returns, EC sales lists, and CIS Returns is to be decommissioned on 14 February 2018. This will be replaced with a new platform. This change will affect some businesses using old software that currently integrates with the gateway to make online submissions. […]

Read more January 24th, 2018

Reclaiming Foreign VAT On Expenses

If your business has suffered VAT on expenses incurred in another EU country, for example, overseas hotel and restaurant bills, then it is possible to reclaim the foreign VAT. The foreign VAT must not, however, be reclaimed on the UK VAT return but by using HMRC ‘s VAT online services system. The foreign VAT refund […]

Read more October 10th, 2017