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
The rules for the VAT refund scheme for museums and galleries are contained within Section 33A of the VAT Act 1994 and is drafted to ensure that qualifying bodies providing free admission are not adversely affected for VAT purposes. How does the … Continue reading VAT Refund Scheme For Museums & Galleries
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. These conditions are that the … Continue reading Is Your Business In Or Out Of The Scope Of UK VAT?
The United Kingdom leaves the European Union at 11pm on 31 December 2020 when the transitional period ends. It is still unclear whether a trade deal will have been agreed with the EU by that date, and such an agreement is looking increasingly … Continue reading Preparing For Leaving The EU on 1st January 2021
HMRC has updated its guidance on the VAT partial exemption treatment relevant to businesses who supply goods by way of hire purchase agreements. A policy paper entitled Revenue and Customs Brief 8 (2020): change to partial exemption VAT treatment was … Continue reading Changes To The VAT Partial Exemption
An introduction to VAT Value Added Tax, (VAT) is the tax you have to pay when you buy goods or services. The standard rate of VAT in the UK is 20%, with about half the items households spend money on subject to this rate, but following Rishi … Continue reading A Guide: VAT Reduction For Hospitality and Tourism
The Coronavirus pandemic has seen a surge in individuals growing their own produce at home or on allotments, and with garden centres re opening, many will want clarification on the VAT treatment of items such as grow-your-own herbs which come with a … Continue reading VAT and Plant Growing Kits
The current government position is that the UK will leave the European Union on 31st January 2020. This will have an impact on EU VAT refund claims (formerly known as 8th Directive Claims). The latest guidance published on the HMRC Website 18 … Continue reading Deadline for Pre-Brexit EU VAT Refund Claims approaching fast 5pm 31st January 2020
The experts at Croner Taxwise share their top 5 VAT myths… 1.Client is adamant that their car dealer has advised them that VAT incurred on the purchase of an electric car is recoverable in full. MYTH 2. A building or a piece of land is … Continue reading VAT Myths Exposed
Q: My client is a chef and has built up a successful website subscription service supplied to individuals. In return for the subscription payments, customers can sign in to the website, download PDF recipe cards, watch pre-recorded content and … Continue reading VAT Question Of The Week – VAT MOSS and No-Deal Brexit