Category: VAT

Trade Slowing Down & VAT

If your business is not making sales but you are still incurring costs, HMRC may refuse to repay the input VAT on purchases and ask you to cancel your VAT registration voluntarily as there are no business activities. This is

Construction Industry VAT Reverse Charge Delayed

Most VAT registered builders who are also registered for the construction industry scheme (CIS) will be aware that a fundamental change in the way they calculated and administered VAT was planned from 1 October 2019 under the new reverse charge

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Avoid VAT Registration

As a small business selling to individual consumers you will be acutely aware of the VATregistration threshold which has been frozen at £85,000 until at least 31 March 2022. But what happens if you temporarily exceed that threshold? If you

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How to avoid a VAT penalty

When a business submits its VAT returns or VAT payments late, whether via MTD sofware or the old HMRC website, the business will enter the VAT penalty surcharge system. Small businesses with turnover of less than £150,000 get one free

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In just over six months, builders, contractors and other trades associated with the building industry will have to get to grips with a new way of accounting for VAT. Essentially, building firms will be required to charge themselves VAT when

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MTD Facts and Fiction

All VAT registered businesses with annual taxable turnover exceeding £85,000 must comply with the making tax digital (MTD) rules for VAT periods beginning on and after 1 April 2019. However, a few businesses have been deferred until the period that

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