A Cumbrian accountant is sharing his five-step guide for businesses which will benefit from a temporary reduction in VAT. Between June 25th to September 1st, the Government is lowering VAT on certain supplies relating to children and families from 20% to 5% to help more people enjoy the summer months. The temporary ‘Summer Holiday’ reduction…
Category Archives: VAT
26
Jun
Jun
From 1 January 2023 the new penalty points system for late VAT returns came in to force. HMRC will allocate 1 point each time a filing deadline is missed; your points for late returns will expire after the specified period has elapsed (see below) unless you go over the penalty. Points are also issued for…
From 31 May 2023, VAT registered businesses can set up a payment plan online if they owe less than £20,000 of VAT. An eligible VAT registered business can set up a VAT payment plan online if it: has filed its latest VAT return; owes £20,000 or less; is within 28 days of the payment deadline;…
The VAT Flat Rate scheme was introduced in 2002 to simplify VAT reporting for small traders, reducing the time taken to calculate VAT and prepare returns compared to normal VAT accounting. The thresholds for using (£150,000 pa) and exiting the scheme (£230,000 pa) have not changed since 2003. With the extension of Making Tax Digital…
20
Feb
Feb
Hoteliers are you ready! From 1st March 2019 the treatment of cancellation fees is changing. Previously where a customer has paid a deposit for a room and then subsequently cancelled, you had been allowed to reclaim the output VAT on this deposit, since there would no longer be a supply of accommodation and therefore this…
