by admin | Aug 12, 2021 | Value Added Tax |
The VAT annual accounting scheme is open to most businesses with a turnover of up to £1,350,000 per year. The main benefits of the scheme include the requirement to file only one VAT return per year. This can significantly reduce the amount of...
by admin | Aug 5, 2021 | Value Added Tax |
When identifying the amount of VAT charged, it is important to distinguish between VAT inclusive and VAT exclusive prices. A VAT inclusive price includes VAT at the prevailing rate. When a VAT registered business issues an invoice to their customer they...
by admin | Jul 22, 2021 | Value Added Tax |
HMRC sets out specific guidance regarding the application of VAT if you are in the taxi and private hire car trade. VAT Notice 700/25 – How VAT applies to taxis and private hire cars – applies. Private hire cars include mini-cabs. The notice is...
by admin | Jul 15, 2021 | Value Added Tax |
For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that businesses must consider where there is personal or private use of goods or services bought for the business and can usually only reclaim the business...
by admin | Jul 8, 2021 | Value Added Tax |
There have been significant changes to the EU VAT rules for the sale of goods for businesses selling goods to consumers (B2C) located in the EU from 1 July 2021. The changes mean that EU VAT must be applied on all goods that are sold online in the EU regardless of...
by admin | Jul 8, 2021 | Value Added Tax |
The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of sophisticated fraud. The domestic reverse charge procedure applies to the supply and purchase of the certain specified goods and...
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