Making Tax Digital (MTD) for VAT is to be extended to cover businesses with a turnover below the VAT threshold from April 2022. The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became … Continue reading Are you registered for Making Tax Digital for VAT?
Since 1 January 2021, businesses registered for VAT have been able to account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses, this means that they can declare and recover import VAT on the same … Continue reading Postponed VAT Accounting
HMRC will be contacting you if your turnover is below the £85,000 threshold for VAT registration to alert you of your need to comply with MTD for VAT as of April 2022. MTD for VAT was introduced in April 2019 for businesses with turnover … Continue reading Making Tax Digital for VAT is on the horizon for businesses with turnover below £85,000
There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of acquiring an item and its sale price rather than on the full selling … Continue reading What goods are eligible for the VAT margin scheme?
HMRC has issued an updated version of VAT Notice 709/3 entitled 'Hotels and holiday accommodation'. The notice has been updated to reflect the change in the reduced rate of VAT for tourism and hospitality to 12.5% from 1 October 2021 to 31 March … Continue reading VAT Update For Hotels & Accommodation
Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. Any necessary adjustment can be made on a current VAT return. However, there are three important conditions that must be met: The … Continue reading What to do if you make an error in your VAT return
The temporary 5% VAT rate that has applied to supplies made in the tourism and hospitality sector since the start of the pandemic comes to an end at the end of September. The rate then increases to 12.5% from 1 October until 31 March 2022 when it … Continue reading 5% VAT Rate For Hospitality & Tourism Is Set To End
The VAT annual accounting scheme is open to most businesses with a turnover of up to £1,350,000 per year. The main benefits of the scheme include the requirement to file only one VAT return per year. This can significantly reduce the amount of … Continue reading What Is The VAT Annual Accounting Scheme?
3D Vat Taxes Crossword on white background First introduced in 1973. Value Added Tax, aka VAT, is most commonly charged at a percentage, to most or goods or services. VAT registered businesses charge and collect VAT from consumers … Continue reading What is VAT?
If you deferred your VAT between 20 March and 30 June 2020 due to the Coronavirus pandemic and still have payments to make, you can: pay the deferred VAT in full on or before 31 March 2021opt in to the VAT deferral new payment scheme when it … Continue reading Did you defer your VAT payments?
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. However, in order to be able to do so, there are three … Continue reading Correcting Errors In VAT Return Submissions
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 ended on 30 June 2020. There are two options … Continue reading Paying Your Deferred Vat