As we step into February 2025, it is essential to understand HMRC deadlines for 2025. This knowledge is crucial for individuals and businesses in the UK to ensure compliance with tax regulations. Moreover, missing these deadlines can lead to penalties and unnecessary stress, which is why it’s vital to stay informed and organized. In this guide, we will outline… Continue reading Understanding HMRC Deadlines: A Comprehensive Guide for 2025
Category: VAT
How to Register and Manage VAT Online with HMRC
Registering for VAT is an essential process for businesses in the UK that either meet the taxable turnover threshold or choose to register voluntarily. With the advent of digital platforms, you can now register VAT online with HMRC, making the process more efficient and user-friendly. This article serves as a comprehensive guide to assist you… Continue reading How to Register and Manage VAT Online with HMRC
VAT Overview
What is VAT? Value Added Tax is an indirect tax aimed at consumers. If a business meets certain criteria then it has to charge VAT on its sales of goods and services. In a supply chain there are usually a series of businesses selling to each other until the final product or service reaches the… Continue reading VAT Overview
Can VAT on entertaining be reclaimed?
You cannot usually reclaim input VAT on business entertainment however you can sometimes reclaim it for staff entertainment. The notes below primarily come from VAT Notice 700/65 and VIT43200. 1) What is entertainment? Entertainment involves hospitality of any kind, such as: provision of food and drink provision of accommodation (such as in hotels) provision of… Continue reading Can VAT on entertaining be reclaimed?
2018 Autumn Budget Update
As usual there are many changes to the 2018 Autumn Budget, however they’re not all relevant to our clients. So here we have set out the important changes that may affect our clients. The 2 main issues are IR35 changes for contractors and limits on R&D cash refunds. We’ve also added a reminder about the… Continue reading 2018 Autumn Budget Update
MiFID II and VAT on Research – still in the dark!
31 October 2017 Although the MiFID II regulation has been published since 2014 (delayed implementation date – 3rd January 2018), it is surprising that H M Revenue & Customs has not yet provided any firm guidance on the VAT treatment of research work. Recent press states that HMRC is now meeting with industry groups and… Continue reading MiFID II and VAT on Research – still in the dark!
New VAT flat rate scheme limited costs
Old flat rate scheme Prior to 1 April 2017 the old flat rate scheme was very popular with many of our clients as they could earn an extra income under the scheme. Although they were not able to reclaim input VAT on expenses, they didn’t have to pass on the full 20% VAT charged to… Continue reading New VAT flat rate scheme limited costs
VAT for non-EU sellers
Is registration required for VAT for non-EU sellers using Fulfilment by Amazon in the UK? This has been in the news recently and HMRC may have lost £2bn in recent times from non-EU sellers who have illegal evaded VAT and have recently announced methods of enforcing the VAT. This is a tricky subject and can get… Continue reading VAT for non-EU sellers
How does the flat rate VAT scheme work?
If your business doesn’t have to pay much input VAT on its purchases, then it could make an extra profit using the flat rate VAT scheme. So even if it isn’t compelled to register as turnover is below £81,000 it could still be a good idea to register voluntarily. Please refer to the free pdf… Continue reading How does the flat rate VAT scheme work?
VAT and financial services
VAT and financial services: Are you losing out on VAT? VAT and financial services is a very tricky area and this video presentation gives a brief overview: https://www.youtube.com/watch?v=IaYzGej4p0c The main points covered are: 1) VAT and financial services exemptions under VAT Act 1994 Schedule 9 Group 5 (eg money, loans, securities, advising collective investment scheme)… Continue reading VAT and financial services