VAT

HM Revenue & Custom’s (HMRC) have warned of a 360% increase in phone scams within the last six months, as agents, we have also noticed a rise in the number of concerned clients getting in touch about suspicious calls. HMRC attribute this spike to a successful crackdown on email and SMS phishing, resulting in criminals […]

Making Tax Digital (MTD) is the name of the Government’s ambition to change the way in which we record financial data and report this information with HMRC. It requires taxpayers to keep digital records, instead of manual ones, and communicate with HMRC using a different reporting system to that which is currently in operation. Why […]

One of the great difficulties we face as accountants is providing clarity to our clients amongst all the misinformation, rumours and hearsay floating around out there. The issue of misinformation is particularly prevalent in the accounting industry, this is because there are so many rules and regulations that businesses must abide by that are constantly […]

Changes to Record Keeping and Procedure Introduction On the 13th of July 2017, the government announced the Making Tax Digital (MTD) timetable, revealing that businesses over the VAT threshold will be the first to qualify for keeping digital records. Under the schedule, businesses with VAT taxable turnover over £85,000 will have to keep digital records […]

In this blog, we’ll cover everything you need to know about selling gift cards and/or vouchers as a business. The law surrounding VAT on gift cards has recently been tweaked to align legislation with that of the EU. Hearing of this news, one of our clients posed an interesting question. This client owns a very […]

Finding the right resource or the right form from Companies House or HMRC can be tricky. For this reason, we’ve decided to put all the most important and useful resources all in one place, so you can easily find what you’re looking for. Disclaimer In preparing and maintaining this blog post every effort has been […]

Our VAT Consultant, David Fiddy explains why the VAT registration freeze may not be good news for everyone. Prior to the Autumn 2017 Budget, it was anticipated that the VAT registration threshold would be lowered. Surprisingly though, it wasn’t. Instead, it was frozen for “at least” the next two years. While this appears to be […]

Your business model probably isn’t something you would think affects your VAT liability. And why would you? At first glance both things appear completely unrelated, however this could not be further from the truth. By making yourself aware of your VAT obligations and how your business model impacts on them, you will be able to […]

A very important change to VAT rulings were announced in the Autumn Statement, though it seems a great deal of media sources have skipped over this announcement. Despite being overshadowed by other announcements, this is something you really ought to be aware of if these new rulings are to affect you. In the recent Autumn […]

I have been surprised by the number of people that I meet who are not aware that VAT is a wholly European sales tax. The rules and basis of VAT are enshrined in European legislation of which the UK version is purely a copy. When we Brexit the EU, VAT will cease to be controlled […]