The Basics of VAT for UK Businesses

An introduction to the main business tax. VAT is a business tax on the supply of goods and services. It is charged at varying rates depending on what is being supplied, who it is being supplied to and where it is being supplied to. But with Brexit, temporary rate...

Covid-19: How Do I Join the VAT Deferral New Payment Scheme?

The HMRC VAT Deferral New Payment Scheme is now open which enables VAT payments deferred between 20 March 2020 and 30 June 2020 to be paid in equal instalments – all instalments must be paid by the end of January 2022. You must ensure you have decided how to manage...

Making Tax Digital (MTD) for VAT – An Overview

Introduction From the 1 April 2022, MTD for VAT will apply to all VAT registered businesses regardless of the level of turnover. The first VAT period to which MTD applies to all VAT registered businesses (who are not already doing so) will be the one commencing on or...

Construction Sector – Reverse Charge VAT

The effects on supply chains from 1 March 2021. Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last minute Government u-turn. This is when the VAT domestic reverse charge for...

Tax Cash Flow – Your Next Steps

Income tax: The Winter Economy Plan gives longer to pay for liabilities due in January 2021. This applies not just if you took up the option of putting off to 31 January 2021 the second income tax self-assessment payment on account for 2019/20, due by 31 July 2020,...