VAT

8
Oct

Experts warning over insolvency debts

  Experts warning over insolvency debts Prioritising HMRC over other creditors in insolvencies will have a ‘negative impact on the UK’s economic growth’, experts have warned Chancellor of the Exchequer Sajid Javid. The warning was issued in a letter from 11 business organisations and insolvency experts to the Chancellor. Signatories of the letter include the Institute of Chartered Accountants in

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8
Oct

VAT domestic reverse charge delayed

  VAT domestic reverse charge for building and construction services delayed HMRC has announced a one-year delay to the introduction of the VAT domestic reverse charge for building and construction services. The reverse charge represents part of a government clamp-down on VAT fraud. According to the government, large amounts of VAT are lost through ‘missing trader’ fraud. As part of

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2
Aug

New changes may cause VAT construction chaos

  VAT changes may cause construction chaos The Federation of Master Builders (FMB) is warning that a major change in the way that VAT is accounted for in the building and construction sector which takes effect later this year may cause chaos. The VAT domestic reverse charge for building and construction services applies from 1 October 2019. It is an

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12
Jul

Employer Bulletin – latest guidance

  Employer Bulletin – latest guidance HMRC has issued the June 2019 edition of the Employer Bulletin. This includes articles on a number of issues including: labour supply chain fraud using loans to avoid Optional Remuneration Rules re-enrolment of staff back into a workplace pension scheme GDPR fees contractors operating CIS – new VAT reverse charge on building and construction

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12
Jul

Latest MTD for VAT

  Latest MTD for VAT HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the latest MTD for VAT rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC

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10
May

VAT fuel scale charges

  VAT fuel scale charges HMRC has issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2019. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get

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8
Mar

Making Tax Digital for VAT: Start date looming

  Making Tax Digital for VAT: Start date looming Making Tax Digital update: The Financial Secretary to the Treasury, Mel Stride, has made a statement to the House of Commons setting out HMRC’s progress on delivery of Making Tax Digital (MTD). He confirmed there would be no further delays in implementation. For most businesses, compliance with the regulations is mandated for

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6
Feb

MTD for VAT: Pilot extended to all eligible businesses

  MTD for VAT – pilot extended to all eligible businesses HMRC has extended its Making Tax Digital for VAT (MTDfV) pilot scheme to all eligible businesses. For most businesses, compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019. However, MTD for VAT for some ‘more complex’ businesses has been deferred until

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13
Dec

BREXIT guidance: Leaving the EU with no deal

  Brexit guidance: Leaving the EU with no deal The government has published a collection of Brexit guidance documents in preparation for the scenario of the UK leaving the EU without a Withdrawal Agreement a so called ‘no deal’ Brexit. The Brexit guidance states: ‘The government does not want or expect a no deal scenario. However, it is the duty

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6
Nov

Making Tax Digital for VAT public pilot opens

  Making Tax Digital for VAT public pilot opens and deferral for some businesses HMRC has opened the Making Tax Digital for VAT (MTDfV) public pilot. However certain VAT-registered businesses (around 3.5% according to HMRC) with more complex requirements will be deferred from being subject to MTD for six months. Essentially, the public pilot is now open to sole traders

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