VAT is a business tax on the supply of goods and services. VAT is charged at varying rates depending on what is being supplied. It also depends on who it is being supplied to and where it is being supplied to. With Brexit, temporary rate changes due to COVID-19, the rollout of Making Tax Digital[…]
The deadline to pay deferred VAT is the end of June. Due to the impact of coronavirus, VAT payments between 20 March 2020 and 30 June 2020 could be deferred. This was originally due on 31 March 2021 but a further deferral was put in place to give businesses longer to repay the VAT or[…]
Businesses that deferred paying VAT between 20 March 2020 and 30 June 2020 do not need to pay the full amounts by the end of this month. VAT-registered firms were not required to make VAT payments during this deferral period, and initially had until 31 March 2021 to pay any liabilities. However, the Government’s winter[…]
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[…]
Today, Rishi Sunak presented his summer give away to the hospitality industry. As of 15th July, VAT, on pubs, restaurants, hotel accommodation and entertainment, will be reduced to 5% for six months. Also, the chancellor is giving all of us a chance to eat out in August (Monday to Wednesday) with a 50% saving on[…]
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[…]
Insight into VAT’s barnacles of complexity Are Jaffa Cakes biscuits or, as the name implies, cakes? This question is one of the most famous examples of the kind of debate that happens frequently in the world of VAT because precise definitions can make the difference between sink or swim for businesses that sell the products[…]
Upcoming changes for reverse charge VAT Few sectors have such an impact in the UK as the construction industry. It not only provides the fabric of our nation – the places where we live and work – but also underpins our entire economy. In 2017, construction contributed £113 billion to the UK economy, while construction[…]
MTD zero-hour is here The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software. You probably got a bit fed up of being reminded about the deadline for[…]
When and how to begin the process of deregistration These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold. Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as[…]