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In 2019, around 2.7 million businesses in the UK were registered for VAT, which is usually charged at 20% on the sale of goods and services.
Most VAT-registered firms need to keep digital records of these sales, and file monthly or quarterly VAT returns using digital software under the Making Tax Digital (MTD) regime.
Unless HMRC has agreed your business is exempt from MTD for VAT, non-compliance penalties will kick in for accounting periods starting in April 2020.
Additionally from April 2020, HMRC will be moving to a points-based penalties system to encourage good taxpayer behaviour.
Your business must register for VAT when your taxable turnover has gone over £85,000 in the previous 12 months or you expect turnover to go over this threshold in the next 30 days.
Your business’s VAT taxable turnover is the total of everything sold that is not exempt.
You can register voluntarily, while you can also voluntarily deregister for VAT if your taxable turnover is less than £83,000.
Schemes exist to simplify accounting for VAT, including the cash accounting scheme, annual accounting scheme, and the flat-rate scheme.
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 applied.
Where there is a mix of zero-rated and standard-rated items delivered, or where goods are delivered internationally, the situation can be more complex and further attention may be required…More
There are four conditions that must be satisfied in order for an activity to be within the scope of UK VAT. These conditions are that the activity:
You cannot reclaim VAT for:
The specified goods that the reverse charge applies to are:
The specified services are:
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 of VAT to taxable supplies and non-taxable supplies relating to the use of an asset over its lifetime. https://oxonaccountancy.co.uk/vat-capital-goods-scheme-overview/
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