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VAT


Deferral Of VAT And VAT Cut Continues

Up to half a million businesses who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, they will be able to make 11 smaller […]

Read more September 25th, 2020

MTD For VAT Extended To 2022

Since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software. From April 2022 these requirements will apply to all VAT-registered businesses. It has also been announced that MTD for Income Tax […]

Read more September 8th, 2020

Company Vans As Motor Cars

The Court of Appeal have now ruled on the tax status of certain vehicles provided to employees of Coca Cola. The court has upheld the HMRC view that vans with windows and a second row of seats behind the driver are not goods vehicles but motor cars for benefit in kind purposes. Consequently, the income […]

Read more September 7th, 2020

More Details On Hospitality VAT Reduction

When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector and attractions in his Summer Statement on 8 July there were a number of areas that needed clarification. The reduction applies to supplies made between 15 July 2020 and 12 January 2021. HMRC have now set out more details […]

Read more August 4th, 2020

5% Reduced VAT Rate

Reduced VAT rate for hospitality, holiday accommodation and attractions. The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: hospitality hotel and holiday accommodation admissions to certain attractions The temporary reduced rate will apply to supplies that are […]

Read more July 14th, 2020

Summer Economic Update

On Wednesday 8th July, the Chancellor Rishi Sunak made a speech entitled “Summer Economic Update” where he unveiled further Government supports and he unveiled the Government’s plan for jobs which he described as the “Second phase in the Government’s economic response to the crisis.” Here are the highlights and we will update you on the […]

Read more July 9th, 2020

Setting Up VAT Direct Debits

The VAT Payment deferral scheme does not apply to VAT quarters ending from 31 May 2020 onwards. VAT returns for these periods must be submitted and paid on time. If you have previously cancelled your Direct Debit payment to HMRC in order to make use of the VAT payment deferral scheme, you will now need […]

Read more June 18th, 2020

Delaying Import Duty And VAT Payments Due To Covid-19

Many businesses that import goods into the UK from outside the EU operate deferment accounts, which allow payment of import duty and VAT to be delayed for 15 days after the month in which the goods are brought into the country. See Gov.uk – How to set up a deferment account: https://www.gov.uk/guidance/setting-up-an-account-to-defer-duty-payments-when-you-import-goods What are HMRC […]

Read more April 15th, 2020

HMRC Time To Pay

Along with the various government schemes to provide income support for businesses and individuals, HMRC offers a Time To Pay Scheme. This is currently available for Self Assessment Tax, Corporation Tax, VAT and PAYE. In order to arrange a deferral of a tax payment which is not already covered by a specific scheme, such as […]

Read more April 14th, 2020

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