Autumn Statement 2013

Delivering the 2013 Autumn Statement, the Chancellor said the latest forecasts from the Office for Budget Responsibility proved that “Britain’s economic plan is working” but warned that the “job was not done.” But George Osborne stressed that: the deficit is lower but it’s still too high growth is up but productivity is too low businesses[…]

Value added tax

After last year’s controversies regarding VAT on such things as pasties, caravans, self-storage and listed buildings, this has been a fairly quiet year so far regarding VAT changes. The 2013 Budget provided the usual announcements about the new registration and deregistration thresholds from 1 April 2013 (£79,000 and £77,000 respectively) and updated tables for private[…]

Posted in VAT

Company car advisory fuel rates and reclaiming VAT

HMRC first published advisory fuel rates in 2002, allowing businesses to reimburse employees for work related travel, or when employees are required to repay the cost of fuel used for private travel, in company cars. HMRC allows businesses to reclaim the VAT element on fuel mileage allowances, as long as they are close to its[…]

Posted in VAT

Online VAT Filing

From 1 April 2012 all VAT registered businesses will have to submit VAT returns online and pay and VAT due electronically too. From 1 April 2010 it was compulsory for all businesses with an annual turnover of £100,000 or more to file and pay VAT online, but the latest change will mean that every VAT[…]

Posted in VAT

HMRC aiming to target firms that break VAT rules

HM Revenue and Customs (HMRC) has said that it will be launching a campaign to target businesses that are trading above the VAT threshold but have not registered for the tax. The new crackdown is intended to take place later this summer. The initiative is currently being discussed with ‘interested parties’ so that HMRC has[…]

Posted in VAT

Online VAT filing for all

VAT filing is set to become compulsory for every registered business. As from 1 August 2012, online registration for and deregistration from VAT will be compulsory for all. What’s more, VAT-registered businesses with a VAT exclusive turnover under £100,000 per annum will be required to file returns online as from 1 April 2012. Since April[…]

Posted in VAT

The Finance Bill 2011

The coalition government has taken the new and welcome step of publishing draft clauses for next year’s Finance Act. Although details of proposed changes have already been announced, the detailed provisions often show possible problems in implementing them, as we saw this year with restriction on tax relief for pension contributions. In areas such as[…]

New VAT rate could be a long-term measure

The new standard rate of VAT could well become a permanent feature of the business landscape. The rate rose from 17.5 per cent to 20 per cent on 4 January. In a press interview given late last year, the Chancellor, George Osborne suggested that the rise may be here for a good while. Mr Osborne told The Spectator magazine:[…]

Don’t be caught out by the VAT rate switch

As the increase in the VAT rate approaches, businesses need to be mindful of charging the correct amount of VAT where invoices are raised or payments received around the date of the increase – January 4, 2010. Please check with us if you are not sure. Applying the wrong VAT rate at this time, or[…]

Posted in VAT