VAT
Postponed VAT Accounting (PVA)
What is Postponed VAT accounting? PVA gives companies the option to account for and recover VAT on imported goods on the same VAT return instead of paying the VAT upfront then...
Domestic VAT Reverse Charge for construction services
Back in 2019 changes to the way the construction industry accounts for VAT were announced. The domestic reverse charge mechanism was originally planned to come into effect on...
VAT deferred payments – Updated 11 Feb 2021
HMRC announced that all UK VAT registered businesses that had a VAT payment due in the period 20 March 2020 to 30 June 2020 could defer payment until 31 March 2021. Businesses...
Changes to filing of non-MTD VAT returns
HMRC introduced the first phase of Making Tax Digital (MTD) nearly two years ago and they have now announced that non-MTD VAT submissions via software providers will not be...
Online Conferences/Events and VAT
Due to the current circumstances with COVID-19, many events and conferences have moved online. The VAT treatment of these events may be different from the treatment of a...
Changes coming for sales made to EU member countries
EC SALES LISTS From 1 January 2021 sales of services made to EU VAT registered businesses will no longer be reported on an EC Sales List. Any sales made to EU VAT registered...
COVID-19 VAT Deferral
The Government’s VAT deferral scheme was very welcome and likely needed for many businesses. In brief, the scheme allows for a temporary change to the VAT payments due between...
Implementation of VAT Reverse Charge mechanism for UK construction services delayed until 1 October 2020
Implementation of the VAT Reverse Charge mechanism for UK construction services has been delayed until 1 October 2020. What is this? A planned change to VAT procedures...
Making Tax Digital update – VAT first up
The government recently indicated that they are still fully committed to their plans to operate a digital tax system. From April 2019, when submitting quarterly VAT returns,...
Plans to Digitalise tax have been put back
The Government have announced significant changes to the (making Tax Digital) MTD timetable, effectively deferring MTD until at least 2020, although digital records will need...
VAT registration threshold
This has increased to £85,000 from 1 April 2017 (and deregistration limit to £83,000). Remember that exempt income does not have to be included such as rental income or bank...
Assessing VAT errors
Unless HMRC can prove dishonest declarations they cannot assess for VAT errors more than four years after the end of the prescribed accounting period. So if an error is...