We have provided a brief overview of reverse charge VAT in this guide in order to ensure that you remain compliant with the law and can manage your VAT obligations.
What you need to know about Reverse Charge VAT?
read more
Blog
End of VAT Services on Amazon UK. How to remain compliant?
VAT Services on Amazon will end on Thursday, 31 October 2024. Discover how we can help you stay VAT compliant What does this mean for sellers? VAT Services on Amazon is no longer available to new...
How to Deal with VAT Inspection?
HMRC carry out many types of VAT checks, from verifying a single VAT period to unannounced visits to address areas of high risk. Here are some hints and tips how to prepare for VAT inspection and...
Why are you still physically paying import VAT? Utilise Postponed VAT Accounting!
What is Postponed VAT Accounting (PVA)? Postponed VAT Accounting (PVA) enables businesses to account for import VAT on their VAT return rather than pay it upfront when goods reach the border....
Tax on Online Income
Online activities such as social media and other online activities are becoming increasingly lucrative. In this article, we explain how it should be taxed and when tax on online income apply. In...
Companies House reform: a closer look
The UK Companies House is changing the way annual accounts are filed. Companies House reform dictates that all smallest companies will be required to file profit and loss accounts, and annual...
Home Working Expenses vs Renting Alternative
Director and employee expenses for those working from home are tax-deductible, but HMRC allows for only a small deduction, especially with rising energy costs. What can you do to get a more generous...
HMRC issues a payroll error warning about work place pension contributions
Employees can save for their retirement through a workplace pension arranged by their employer. Every payday, a percentage of your pay is automatically deposited into the pension scheme. Most...
Tax Implications of Working Remotely
The way we work with our clients has changed since Covid-19. Working remotely has become a realistic option for many people. Working from home and working from anywhere are not something that...
Overview of VAT Penalties
New VAT penalties regime introduced in the UK has put VAT registered businesses under more pressure and set stricter rules for accurate and timely VAT returns. CRIMINAL OR CIVIL PROSECUTION In cases...
VAT Questions in Post-Brexit Reality
The UK has been out of the EU for over two years now. The time has flown by. In terms of VAT, little has changed, except for the reduction in VAT rate on tampons from 5% to 0%. The reality, however,...
How to Get Your VAT Registration with Less Pain
This guide explains how the VAT registration process has changed for overseas sellers. A UK VAT registration is a crucial step for overseas businesses wishing to enter the UK market. Getting the...
Understanding the crypto crash – and what comes next
Despite many challenges for accountants, crypto currencies remain a serious investment vehicle Last month, after a crypto crash that saw half a trillion dollars wiped off the total market cap...
VAT: Refunds to overseas bank accounts
VAT refunds can now be paid to overseas bank accounts thanks to an update to HMRC's banking system. Entering details in the system isn't always easy, however. The result of Brexit has been an...
Managing an HMRC inspection
General help and advice how to handle HMRC inspections in post-Covid environment.
Business owners: What does the delay in implementing the new VAT penalty regime mean for your business?
According to the Financial Secretary to the Treasury, the new VAT penalty regime has been further delayed. The decision should enable HMRC to implement the required system improvements on a more timely basis. On 1 January 2023, the new system will apply to all UK VAT-registered businesses. It is not the first time the new system has been delayed.
Selling digital services to customers in Ireland and NI. Practical case
Our subscriber owns a website where subscribers pay a fee and have access to all information without restriction. Both businesses and individuals use this website. What is the VAT situation? This...
VAT on Packaging: Do you need to charge it?
There are some sales of zero-rated items, such as food and books. In the weeks leading up to Christmas, these sales will increase. The VAT on packaging for these goods might also be zero-rated. Is...
Main facts about the One-Stop Shop (OSS) scheme
As of 1 July 2021, all member states of the European Union will implement a new e-commerce VAT system which includes a One-Stop Shop (OSS) and Import One-Stop Shop (IOSS). Both of those programs aim...
VAT on Commercial Property: Can it be Avoided?
If you were to buy the freehold interest, you would be able to reclaim the input tax, but the delay will cause a cash-flow problem. What can you do? This post will shed more light on the problems of...
How to Maximise Dividends When You Can?
The pandemic has made our lives difference with some business owners having been disadvantages as they used dividends as a profit extraction. The article will shed some light on how to extract...
Can You Avoid VAT Registration if Your Turnover Has Increased Temporarily?
Many businesses suffered a big loss during the pandemic months. However, a lot of companies have had a boom in sales when they transferred their business to trading online. The increase in sales have probably sent such businesses over the VAT registration threshold limit for the first time. In such situation it is important to establish whether the increase is permanent or temporary.
Splitting a family business: is there a VAT problem? Can VAT registration be avoided?
Splitting a family business may help reduce the VAT registration threshold and avoid registering for VAT. Alternatively if the two businesses are not classed as of the same nature one of the...
New Distance Selling Regime with the EU: New Challenges and Advice. IOSS and OSS
The new EU B2C distance selling regime that came into force in July 2021 has affected all the supply chains from UK businesses trading with the EU to the end customers. In this article we explore...
Partial Payments versus VAT Bad Debt Relief
If you have supplied goods of services to a customer, you will need to account for VAT by declaring it in your next VAT return. If you do not get paid by the due date, you may be able to claim a VAT...
Fiscal Representative – Rules Changing
After the UK left the EU Customs Union, EU members began changing their rules on how UK importers should appoint their fiscal representative to continue shipping their goods in the EU countries....
HMRC new penalty system for late tax return submission
HMRC is aiming to crack down on consistent late filers and payers and will become fairer to those who miss their payment and filing deadline only occasionally. New penalties will be introduced for late tax return submissions.
Brexit for Importers
Consignments that are valued over £135 Consignments that are valued below £135 OMP (Online Marketplaces) Supplies Business-to-Business Shipments Treatment of VAT on import in the declaration...
Working with Professional Tax Agents versus Working with Amazon VCS
Working with a tax agent to manage the VAT-compliance of your business is ideal. Many of those who sell on Amazon choose to work with tax agents as it makes their job a lot simpler. It also ensures...
VAT after Brexit Can Become Messy
Once we leave the Single Market, VAT could be harder to deal with than customs. VAT after Brexit can become messy. As our hopes of a Brexit deal fade into the distance, UK businesses only have a few...
End of VAT Payments Deferrals Period
HMRC gave VAT registered businesses the option to defer the VAT payments that were due between 20th of March and 30th of June. This measure was introduced as part of the government support to...
VAT for Amazon sellers in the UK: Registration and compliance procedures.
Foreign sellers who wish to approach the UK market these days are faced with the immediate requirement from HMRC (British tax authority) to register for VAT tax. Most of them fall under the category...
One Person Limited Company NI Allowance Scrapped
Many limited companies in the UK have only one director, who is also the only shareholder of that company, and does not employ anyone else. Today’s budget announced two measures which will increase...
ACT NOW ON TAX RETURNS TO AVOID PENALTIES
Now the festivities are over there’s one less excuse for failing to submit your online tax return on time. Leave it until after midnight on 31 January – when you also have to pay any tax you owe for...