Charging VAT on discounts and free gifts
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When VAT registered traders issue an invoice to a customer, they must seek to ensure that the correct rate of VAT is charged. Whilst most...
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VAT – transfer as a going concern
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The transfer of a business as a going concern (TOGC) rules concern the VAT liability of the sale of a business. Normally the sale of the assets of...
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Correcting errors on VAT returns
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Where 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...
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Flat Rate Scheme limited cost trader check
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The VAT Flat Rate Scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of...
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VAT deferral scheme open for business
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Businesses that took the option to defer the payment of their VAT liabilities between 20 March 2020 and 30 June 2020 need to decide what course of...
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Flat Rate Scheme annual review
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Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on...
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No VAT on women’s sanitary products
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The 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...
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VAT on delivery charges
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The 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...
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Correcting errors on VAT returns
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Where 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...
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Deadlines for paying deferred VAT
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The coronavirus VAT payment holiday gave businesses the chance to defer the payment of any VAT liabilities between 20 March 2020 and 30 June 2020...
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Businesses within the scope of VAT in the UK
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The 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...
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VAT – transfer of business as going concern
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The 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...
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