VAT Submission

New VAT Penalties

Starting in 2023, submitting a VAT return after the deadline will result in penalty points. These points can add up, resulting in fines of up to £200 for each subsequent late submission. It’s important to understand how the points system works and how to avoid these penalties. For example, businesses making quarterly returns have a higher threshold for penalty points compared to those making annual or monthly returns. It’s also important to note that changes to your business, such as switching to a different accounting period, can affect your penalty points. If you have questions or need help managing your VAT, contact us for expert assistance

CIS – Construction industry scheme

In this article we will be looking into recent changes that affect the CIS. The construction sector remains one of the UK’s key sectors, despite the effects of the COVID-19 pandemic.  In September 2021, construction output grew by 1.3% on the previous month. This placed the sector just 1% below its pre-pandemic level – and[…]

Starting a new business after COVID-19

New businesses can still grow and flourish. Not much can stop determined entrepreneurs from building a new business from the ground up. Even during such challenging times as a COVID-19 or its ensuing fallout budding business owners are succeeding. The pandemic has proven a huge challenge for businesses. 396,155 UK firms closed in 2020 according to[…]

Construction sector: Reverse charge VAT

Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last-minute Government U-turn. This is when the VAT domestic reverse charge for building and construction services, to use its full name, will finally take effect at the third time of asking. In this[…]

Covid-19 VAT Deferral Scheme 20 March 2020

Eligibility On 20th March 2020, the Chancellor of the Exchequer, Rishi Sunak, announced several measures to help businesses across the UK who will be affected by the Covid-19 coronavirus. The situation is changing daily and there is scant detailed information coming from the government. We will keeping our website up to date and ensuring we give you the[…]