by admin | Feb 11, 2021 | Value Added Tax |
Following the end of the transition period, businesses registered for VAT can account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most businesses, this means that they will declare and recover import VAT on the same VAT...
by admin | Jan 28, 2021 | Value Added Tax |
Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify the way a business accounts for VAT and in so doing...
by admin | Jan 7, 2021 | Value Added Tax |
The UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the UK is no longer bound by the EU VAT Directive which mandates a minimum 5% rate of VAT on all...
by admin | Dec 17, 2020 | Value Added Tax |
There are special rules for businesses established outside the EU submitting a claim for VAT incurred on goods or services bought in the UK. The exact rules of what VAT is refundable can be complex. There are also a number of conditions which must be met in order for...
by admin | Dec 17, 2020 | Value Added Tax |
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 available for repaying...
by admin | Dec 10, 2020 | Value Added Tax |
The process for working out the VAT treatment of delivery charges can be quite complex. We have listed below some of the main issues to bear in mind when deciding whether or not VAT needs to be applied. No charge for delivery. HMRC’s guidance is clear that if...
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