Following the Government’s announcement that businesses will be able to defer VAT payments for the period from April – June, HM Revenue & Customs (HMRC) has now confirmed that businesses should cancel direct debits for VAT if they want to utilise the deferment offer. Continue reading
Category Archives: VAT
SMEs urged to go digital: £15.3 billion could be added to the UK economy
A recent study suggests that the UK economy could benefit by up to £15.3 billion if SMEs introduce the use of digital technology, tools and connectivity within their organisation. Continue reading
The VAT treatment of PCP agreements for commercial vehicles
When considering the purchase a commercial vehicle, there are many decisions to make, including whether an HP agreement or a personal contract purchase (PCP) agreement is more suitable, but what are the VAT implications of a PCP agreement? Continue reading
Everything you need to know about the construction industry scheme VAT reverse charge
HM Revenue & Customs (HMRC) announced a 12-month deferral on the domestic reverse charge last year, which will now apply to construction services from 1 October 2020. Continue reading
No small issue – The importance of accounting in microbusinesses
Small and medium-sized enterprises (SMEs) account for the majority of the business population in the UK, producing trillions of pounds in revenue every year. However, a large amount of their time is spent working on financial admin. Continue reading
3,000 taxpayers file Self Assessment on Christmas day
More than 3,000 Self Assessment returns were filed on Christmas day, HM Revenue & Customs (HMRC) has revealed. Continue reading
IR35: HMRC launches updated CEST service
HM Revenue & Customs (HMRC) has launched an updated Check for Employment Status for Tax (CEST) service ahead of the introduction of the IR35 off-payroll working rules for the private sector on 6 April 2020. Continue reading
VAT receipts rise to record £133 billion
The amount of VAT collected in the last 12 months has risen to a record £133 billion, with a significant contribution from the retail and wholesale sectors. Continue reading
Top tips to ensure your business is prepared for Brexit
The UK is currently scheduled to leave the European Union (EU) on 31 October 2019. However, it is still unclear whether that will be with or without a deal. Continue reading
120,000 businesses failed to meet the Making Tax Digital deadline
HM Revenue and Customs (HMRC) has revealed that 1.1 million businesses have now signed up for Making Tax Digital (MTD) and so far, 1.2 million VAT returns have been successfully submitted through the service. Continue reading