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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 […]

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 […]

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 […]

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 […]

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: 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) If […]

VAT on Bitcoins

VAT on Bitcoins

see here for latest HMRC guidance on Bitcoins. http://www.hmrc.gov.uk/briefs/vat/brief0914.htm The post below was written before their guidance was published:     VAT on Bitcoins Download the full report here There has been a lot of uncertainty regarding the treatment of VAT on Bitcoins and other cryptographic currencies. This uncertainty has led to a VAT risk […]

Delay VAT liability

It is sometimes possible delay VAT liabilities on invoices, and extra care should be taken with the timing of invoices close to the VAT quarter end. VAT Act 1994 The legislation states that VAT becomes due on the earlier of the following possible tax points: the services or goods have been supplied to the customer […]