Due to new legislation, from 1 January 2025, all education services provided by all fee paying private primary schools, secondary schools and sixth form colleges will be subject to VAT at the standard rate. VAT will also need to be charged on Boarding Fees. Private schools will also need to charge VAT on any extra…
Tag Archives: VAT
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…
HMRC are always a little suspicious of businesses that claim a VAT repayment in their first VAT return, or a large refund in a later return. Should this occur, HMRC will write to the business asking for supporting evidence to be provided within 30 days. Until recently the business had to reply, preferably by post…
13
Mar
Mar
With so much uncertainty around what Brexit will mean, planning for a “No Deal” scenario seems sensible right now. Businesses that buy and sell from the EU should have contingency plans in place which need to be flexible to cope with a variety of possible outcomes. If a ‘No Deal’ happens after March 2019, here…
11
Mar
Mar
For every £2 that your adjusted net income exceeds £100,000 the £11,850 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £123,700 adjusted net income. Another way that you could avoid…
01
Mar
Mar
As you will have no doubt heard, HM Revenue & Customs (HMRC) are introducing a new way to file a business’ VAT returns from 1 April 2019. For VAT registered businesses with a turnover over the VAT threshold, currently £85,000, this is generally mandatory – there are exceptions, via religious beliefs, age exception and internet…
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…
01
Feb
Feb
The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario. If the UK exits the EU without a deal, UK businesses will have to…
