VAT deferral scheme open for business
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 action they will take.
There are two options
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 the type of business. The scheme has been designed to
No VAT on women’s sanitary products
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 transition period the UK is no longer bound by the EU VAT
VAT on delivery charges
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 mind when deciding whether or not VAT needs to be
Correcting errors on VAT returns
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 necessary adjustment can be made on a current VAT return.
Deadlines for paying deferred VAT
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. The option for businesses to defer their VAT payments
Businesses within the scope of VAT in the UK
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 in order for an activity to be within the scope of UK
VAT – transfer of business as going concern
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 a VAT registered or VAT registerable business will be
Extended deadline for VAT payments
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. The option for businesses to defer their VAT payments
VAT on compensation payments
HMRC has published a new Revenue and Customs Brief on the VAT treatment of early termination fees and similar compensation payments following recent judgments of the Court of Justice of the European
