Flat Rate Scheme annual review
Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on...
READ MOREUsing the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on...
READ MOREThe UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the...
READ MOREThe process for working out the VAT treatment of delivery charges can be quite complex. We have listed below some of the main issues to bear in...
READ MOREWhere an error on a past VAT return is uncovered, businesses have a duty to correct the error as soon as possible. As a general rule, any...
READ MOREThe coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020...
READ MOREThe VAT system is policed by HMRC who can and do levy penalties for breaches of the legislation. There are four conditions that must be satisfied...
READ MOREThe transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of...
READ MOREThe coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020...
READ MOREHMRC has published a new Revenue and Customs Brief on the VAT treatment of early termination fees and similar compensation payments following...
READ MOREA business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that the business is...
READ MOREHMRC has updated its guidance on the VAT partial exemption treatment relevant to businesses who supply goods by way of hire purchase agreements. A...
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