European VAT Changes from 1st January 2021 The UK left the EU officially on 1st January 2021, when new rules will come into force. Businesses will have to comply with these rules in order to import or export goods from EU member states. From 1st January 2021 Acquisitions and Dispatches will now be called Imports …
We published a blog at the beginning of January 2021 in respect of VAT due between 20 March 2020 and 30 June 2020 which was deferred. This was originally payable by 31 March 2021. However, it is now possible to pay in instalments. HMRC have recently announced that the scheme will be open from 23 …
The VAT Domestic Reverse Charge is a change to charging VAT within the construction industry. It is essentially an anti-fraud measure designed to deal with ‘missing trader’ fraud, where companies charge and receive VAT from customers but have no intention of paying this VAT to HMRC. When Does It Apply From? The Domestic Reverse Charge …
In the spring of 2020, one of the measures for helping businesses to cope with Coronavirus was the ability to defer VAT which was due for payment between 20 March 2020 and 30 June (as mentioned here). This was initially deferred until 31 March 2021. HMRC subsequently brought in a further measure to help. Businesses …
From 1st April 2019, if you have a VAT registered business with a taxable turnover above £85,000, HM Revenue and Customs (HMRC) are introducing some important changes which will affect you. They are introducing Making Tax Digital for VAT (MTDfV). These may have a significant effect on how you do your bookkeeping. From your first …
A report by the Office of Tax Simplification (yes, one really does exist) in 2017 floated the idea of reducing the VAT registration threshold. Currently, the VAT registration threshold in the UK is £85,000. It has steadily risen over time, and is currently one of the highest in the EU. The average threshold for VAT …
There was very little in the 2016 Autumn Statement which directly affected small business, but one measure caught our eye; HMRC are changing the VAT Flat Rate Scheme. The VAT Flat Rate Scheme is a simplified scheme for accounting for VAT. If you are VAT registered and on the scheme, you forego the ability to …
A change to vat on digital sales within the EU came into effect from the beginning of 2015. Previously, any VAT on digital sales was accounted for in the country of the seller. However, from 1 January 2015, the place of supply will change to the country where the consumer is established. What this potentially means …
HM Revenue and Customs are running a series of VAT webinars during August. The subjects they will cover are: What is VAT – an introduction VAT now that you are registered VAT accounting schemes VAT motoring expenses VAT trading with other countries For details of the content and how to book, please see here. …
The intention of the Flat Rate Scheme is to simplify the process of reporting VAT for businesses. VAT payable becomes simply a factor of VAT inclusive sales for a quarter – removing the need to analyse input VAT on purchases. See here for our recent blog on the Flat Rate Scheme. There is also an …