VAT accounting schemes
Do you know what schemes are available? And which scheme is right for your business? […]
VAT – the basics
VAT is a business tax on the supply of goods and services. It is charged at varying rates depending on what is being supplied, who it is being supplied to and where it is being supplied to. But with Brexit, [...]
Complying With Tax Obligations Amid COVID-19 Disruption
It's not often that HMRC makes exceptions to its tax deadlines or late-filing penalties, but the past year has, as in so many ways, been different. Between optional deadline deferrals, new payment schemes and temporary reliefs, keeping on top of [...]
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. The reverse charge affects VAT-registered businesses that operate under the construction industry scheme (CIS). These [...]
The Capital Goods Scheme for VAT
The VAT capital goods scheme affects input recovery relating to high-value assets, such as land and buildings. The scheme aims to correct the amount of VAT recovered when the use of the asset, between exempt and non-exempt supplies, in later [...]
The Numerous Quirks and Foibles of VAT
Do you know your Jaffa Cake from your Hobnob? Apart from the obvious differences, do you know why they are treated differently for VAT purposes? This is just one of the many quirks and foibles of the VAT legislation, not [...]
Registering For Making Tax Digital For VAT
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 file your VAT returns using HMRC-approved software. If you prepare and [...]
De-registering for VAT
If your business turnover is predicted to fall below £83,000 over the next year, it can voluntarily de-register for VAT. You will also need to consider how assets, stock and post de-registration expenses should be treated. Read our guide here [...]
VAT and three-party transactions
VAT can get very complicated when there are three parties involved in a transaction. This may happen when one party is arranging the supply of goods or services in return for a commission, but it can also occur in other [...]