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Category: VAT

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The new VAT Penalty Regime – January 2023

HMRC are introducing a new penalty regime with effect from 1st January 2023. Under the new regime, there will be separate penalties for late VAT returns and late payment of VAT as well as a new methodology to the way interest is charged. This will replace the default surcharge regime and for most taxpayers should…
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Autumn Leaves

Jeremy Hunt’s Autumn statement – 2022

In his opening remarks, Jeremy Hunt said his priorities are stability, growth and public services. Stability – Stability is about reassuring the market. The Chancellor announced the following new, ‘fiscal rules’ that public sector debt must be falling as a percentage of GDP by the end of a rolling 5 year period, and net public sector…
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Virtual Finance Office – How we support you

Virtual Finance Office – How we support you Running any business is hard enough isn’t it ? There’s the financial records to maintain, the customers to source, suppliers to deal with, payments to make, invoices to chase, staff to pay, marketing to be achieved and that’s before breakfast ! So wouldn’t it be a good…
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Setting up your business foundations

Setting up your business foundations To trade as a business, you need to meet the right compliance requirements. It’s certainly not the most exciting part of creating a business, but setting up the right legal, accounting and tax compliance foundations ensures that you’re doing everything by the letter of the law. Here are the main…
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Back to Basics: Registering for Value-Added Tax (VAT)

Back to Basics: Registering for Value-Added Tax (VAT) When first setting up your business, there are multiple decisions to make – and a key consideration will be whether to register the business for Value-Added Tax (VAT), the tax that’s added onto the price of certain goods and services. When does VAT registration become mandatory? When your…
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Back to Tax Basics: How does VAT work?

Back to Tax Basics: How does VAT work? Value-added tax (VAT) is a consumption tax that’s levied on goods that have had value added at each stage of the supply chain. Most businesses with annual sales of £85,000 or more have to register for VAT. And even if your sales are below that level, you…
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Handling EU VAT on exports

Handling EU VAT on exports If you export goods and services to the European Union (EU), there are changes coming that will impact on how you account for VAT and duty in these EU member states. The One Stop Shop system, which was previously only available for digital services, will now be extended to include…
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Accounting, Business & Advisory Services Poole, Dorset

Getting ready for the extension of Making Tax Digital

Getting ready for the extension of Making Tax Digital **UPDATE – On 23rd September 2021 the government announced that they have decided to push back / postpone the introduction of Making Tax Digital (MTD) for Income Tax for one year, ie to April 2024. They did however confirm that from that date it will affect…
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Budget 2021

Budget 2021 So today (3rd March 2021) the Chancellor has released his 2021 budget. Here are the details as announced so far with more to come over the next few days. If you prefer your updates by video click the play button below. The Furlough Scheme He has announced that the Job Retention Scheme, otherwise…
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Domestic Reverse Charge – Construction Industry

Back in 2019 before any of us had heard of Covid, HMRC announced that they were introducing the Domestic Reverse Charge for VAT and that it would affect everyone in the Construction Industry who is VAT registered. After delaying the introduction of this a couple of times due to Brexit and Covid it has finally…
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