News Tag Results for "VAT"
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Q3. How long do I need to keep VAT records for?
A: VAT-registered businesses must:
- keep records of sales and purchases;
- keep a separate summary of VAT; and
- issue correct VAT...
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Adjustments to VAT registration and deregistration thresholds
From 1 April 2016, VAT thresholds are to be increased in line with inflation:
The registration limit £83,000 (previ...
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Autumn Budget 2017 - VAT: extending joint and several liability for online marketplaces and displaying VAT numbers online
The existing joint and several liability legislation is to be extended....
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Autumn Budget 2017 - VAT: no change in registration and deregistration thresholds
The VAT registration and deregistration thresholds will not be uprated for a period of two years. There will be...
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Autumn Statement Tax Summary
George Osborne did not have great tidings to impart when he presented his Autumn Statement to the House of Commons on 29 November 2011. The best he could...
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Budget Update - VAT
VAT Rates and Thresholds
There were few changes announced for VAT. The rates and thresholds are as follows from 1 April 2011:
Lower rate - 0%
Reduced ra...
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Changes of VAT rules for call-off stock arrangements
Changes required by Council Directive (EU) 2018/1910 are being implemented to simplify the VAT treatment of call-off stock moved from the UK...
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Q. I have been running my own business since 1 September 2018 and now wish to complete my 2018/19 tax return. I have not incurred any capital expenditure and my turnover is less than the current VA...
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Cash Basis for Small Businesses
The cash basis was also mentioned in the 2013 Budget announcements, but now we have some more details.
In an attempt to simplify accounting and tax reportin...
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Changes in accounting for VAT after prices are altered
HMRC have published Brief 6 (2019), which describes changes to the rules on accounting for VAT, where the amount paid changes after the VA...
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Coronavirus - VAT
HMRC have initiated a VAT deferment procedure, however the situation is fluctuating each day so could change. If you are having financial difficulties due to the coronavirus t...
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Cross-border Services
You may have heard that the price of electronic books and music will rise on 1 January 2015. This is because electronic services (including e-books and music), will be&nbs...
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EU consultation on ending VAT on eBooks
The future of the chargeable rate of VAT on digital publications and eBooks is under review as the European Commission (EC) has launched a two...
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Q. I have recently registered for VAT. Although my turnover is only just above the VAT registration threshold, I anticipate that it will now increase year-on-year. How does the flat rate scheme for...
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Flat Rate VAT
The flat rate VAT scheme for small businesses is designed to reduce administration hassle for the businesses that use it, not to reduce the amount of VAT the business pa...
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