Post-pandemic, some businesses are finding that their trading circumstances have now changed and that the non-standard VAT scheme under which the business is registered is no longer appropriate. For example, turnover may have increased so they are no longer eligible. VAT schemes are designed to simplify how some VAT-registered businesses calculate...
Not sure at what point you need to register your business for VAT? Or what this means? Our article explains a little more about this….. If your annual taxable turnover exceeds the VAT threshold during a rolling 12-month period, or you believe it will do so within the next 30 days,...
The amount of VAT a business pays or claims back from HMRC is the difference between the VAT charged by the business to customers and the VAT the business pays on their own purchases. If a business is part of the flat rate scheme it will: pay a fixed rate of...
Sometimes a taxpayer may find themselves in a position whereby HMRC seem to be taking an inordinate amount of time to settle a particular issue or the service received as a 'customer' does not meet the standards expected or even that they feel they are being discriminated against. Although complaints...
New VAT rules are due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. The new rules are called “the domestic reverse charge for supplies of building and construction services”. The new “reverse charge” system of VAT accounting will affect sub-...
The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: hospitality hotel and holiday accommodation admissions to certain attractions. The temporary reduced rate will apply to supplies that are made between 15 July 2020...
If you build your own house or convert an existing property into a home, you may be eligible to apply for a VAT refund on building materials and services. You do not need to be VAT registered to claim a refund. what qualifies? Refunds can be claimed in respect of building materials...
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