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Blog: VAT

Latest deadline for Making Tax Digital for VAT comes into force

A major change in the way VAT is reported comes into force from April. Every small business that charges VAT will have to file accounts through the HM Revenue & Customs (HMRC) Making Tax Digital (MTD) system. All VAT-registered businesses must use MTD for VAT for their first VAT return starting on or after 1

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New guidance to help businesses navigate VAT second-hand margin scheme

New guidance will help businesses navigate the VAT second-hand margin scheme, HM Revenue & Customs (HMRC) has said. The tax authority replaced VAT notices 718, 718/1, and 718/2 with 12 new guides earlier this month. VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather

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How the penalty system for late tax submissions is changing

Under new rules set by the Government, the system of penalties for VAT and Income Tax Self-Assessment (ITSA) are changing. The new system of fines is aimed at tackling non-compliance by taxpayers who repeatedly fail to meet their obligations to provide returns and other information requested by HMRC. Those who make occasional and infrequent mistakes

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Construction Self-Supply Charge: HMRC Revises Meaning of “Entire Interest” Following Defeat in Supreme Court

HM Revenue & Customs (HMRC) has amended its meaning of “entire interest” in the VAT treatment of the construction self-supply charge following a landmark Supreme Court ruling. If you supply building and construction services, here’s what you need to know. What is the self-supply charge? According to the Institute of Chartered Accountants in England and

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EU VAT One-Stop-Shop to launch in July 2021

The European Commission, in response to the challenges created by the Coronavirus pandemic, has decided to postpone its new European VAT rules for business-to-consumer (B2C) transactions until 1 July 2021. These new rules are part of the EU’s new e-commerce package and will look to introduce a VAT One-Stop-Shop (OSS) for B2C sales. Originally due

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Download Our Latest Brexit Guide to Understand The Complexities of Post-Brexit VAT

Thousands of businesses across the UK have been having to get to grips with new rules surrounding VAT, imports and exports since the Brexit transition period ended at the start of this year. To help, our experienced team have put together a detailed guide on post-Brexit trade and the new rules around VAT on imports

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The VAT Reverse Charge for the Construction Industry Scheme – Are you ready?

From 1 March 2021, businesses within the Construction Industry Scheme (CIS) must record, report and pay VAT under the new VAT domestic reverse charge rules. This change affects both contractors and subcontractors and the supply of certain kinds of construction services in the UK. Under the new rules, VAT registered subcontractors who provide a service

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VAT after Brexit: what you need to know

Following the end of the transition period on 1 January 2021, many businesses are taking on the challenge of overseas accounting for the first time. To support your business, we’ve answered some of the most common questions we’ve received over the past month. Is VAT applicable on the purchase of a service from EU countries?

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VAT – Post-Brexit arrangements

The latest guidance on VAT on imports and services to and from the EU is complex and businesses need to account for this in their trading. To help we have provided a brief summary below, but we highly recommend you seek additional advice. Import VAT  Goods that move into the UK from the EU from

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