Tag: vat

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

Tagged with: , ,

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

Tagged with:

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

Tagged with:


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

Tagged with: , ,

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

Tagged with: ,

Tax Data 2019/2020

All figures are annual amounts (For English taxpayers) Allowances Personal allowance £12,500 Allowance withdrawn from £100,000 Transferable marriage allowance £1,250 Trading income £1,000 Property income £1,000 Rent-a-room £7,500Tax on earnings Earnings to £37,500 20% £37,501 to £150,000 40% Over £150,000

Tagged with: , , ,