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VAT


Could The VAT Cash Scheme Help You?

VAT Registered and struggling with cash flow due to COVID 19? Are you on the VAT cash scheme? No? Maybe it’s time to consider changing to it? As accountants, we understand the struggles involving cash flow, especially for small businesses. Now, with the added complications due to Covid-19, it might be time to consider the […]

Read more March 27th, 2020

VAT Payment Deferral

VAT payment deferrals will apply from 20 March 2020 until 30 June 2020. All UK businesses are eligible and this is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. You will still need to submit your VAT returns on time, but will not need […]

Read more March 26th, 2020

COVID-19 Business Support Update 23 March

Key Government Resources Links You can find an updating list of official resource links here. Who is a keyworker? The current list of keyworkers includes the following: Health and Social care (doctors, nurses, social workers, care workers, etc.) Education and Childcare (teachers, social workers, childcarers, etc.) Key Public Services (staff in the justice system, religious […]

Read more March 23rd, 2020

The 5% VAT Rules And Reduced Rate VAT Eligibility Criteria

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. You can utilise the 5% or reduced VAT rate in two situations: The conversion of premises to a different residential […]

Read more January 20th, 2020

The World Of Property And Where Are We?

So where are we in terms of the impact to the world of property? Here’s what we can expect to happen this year from a Tax and Legislation perspective:

Read more January 14th, 2020

Conservative Party Elected With Working Majority

Now that Boris Johnson and his Conservative Party have won the General Election will we finally “Get Brexit Done”? More importantly, can the Government now get on with running the country and sorting out urgent issues such as the NHS? The Budget date has now been announced for Wednesday 11th March. This Budget is likely […]

Read more January 8th, 2020

Reduced Rate VAT Eligibility

The key time where the reduced VAT rate becomes useful for most property investors is when they are converting a property from one use to another. For example, a single dwelling is being converted into a multiple dwelling property (a HMO). The complete information can be found in VAT Notice 708 Buildings and Construction which […]

Read more October 14th, 2019

Builders’ VAT Rules Delayed For A Year

The government have decided to delay the start of the proposed VAT reverse charge for supplies by sub-contractors in the construction sector. The reason for the u-turn is the lack of awareness of the change that was originally due to start on 1 October 2019. Many sub-contractors, and some main contractors, were not prepared for […]

Read more October 3rd, 2019

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

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