VAT Flat Rate scheme
![](https://oxonaccountancy.co.uk/wp-content/uploads/2022/10/88cf9aed-0fb7-473a-b5e5-5bf4985e9724.jpg)
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
Final warning to use MTD for VAT
![](https://oxonaccountancy.co.uk/wp-content/uploads/2022/10/41af2c7e-56cc-417f-a98e-bb2798cb75ff-1.jpg)
The Making Tax Digital (MTD) for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their
How the VAT Reverse Charge works
![](https://oxonaccountancy.co.uk/wp-content/uploads/2022/10/6b6cec67-f4b0-42b5-8bb3-b752f04e495c.jpg)
The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of sophisticated fraud.
UK businesses receiving certain specified
Statutory interest
![](https://oxonaccountancy.co.uk/wp-content/uploads/2022/10/8ed5f6c3-d616-4b12-8da4-893530d1265e.jpg)
Taxpayers that are owed VAT repayments by HMRC are entitled to claim statutory interest under certain circumstances. Where this is the case, a claim should be made in writing to HMRC. VATA s78 (11)
Transfer of business as a going concern
![](https://oxonaccountancy.co.uk/wp-content/uploads/2022/09/7209ca51-2734-40d2-b45f-35df992a68c4.jpg)
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
VAT Capital Goods Scheme
![](https://oxonaccountancy.co.uk/wp-content/uploads/2022/09/018e5695-3a02-4d46-98dd-5ec2fe77927d.jpg)
The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution
VAT and food supplies
![](https://oxonaccountancy.co.uk/wp-content/uploads/2022/08/8fb2f70f-f1a2-4ac4-ab51-735face9b3b6.jpg)
HMRC’s VAT Notice 701/14: food explains what types of foods are zero rated and standard rated for VAT. The notice includes many examples of different food categories. The notice covers some general
VAT Flat Rate Scheme
![](https://oxonaccountancy.co.uk/wp-content/uploads/2022/08/b025deec-fa35-401b-b2b1-6180522ecc0c.jpg)
The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is
Overseas seller VAT check
![](https://oxonaccountancy.co.uk/wp-content/uploads/2022/08/13e84268-4a4b-4c6f-8e76-ba2e94674a05.jpg)
Since 2018, online marketplaces (such as eBay or Amazon) have been required to help tackle online VAT fraud. These measures, known as joint and several liability (JSL) for marketplaces aim to ensure
Construction services taxed at VAT zero or 5% rate
![](https://oxonaccountancy.co.uk/wp-content/uploads/2022/07/fe650e2a-bd22-4cf5-b1fe-5f90b99cf4f5.jpg)
Whilst most businesses in the UK charge VAT at the standard rate of 20%, there are a number of different VAT rates and exemptions that businesses should be aware of. In the UK, there are three