VAT and insurance claims
Insurance transactions are generally VAT exempt. However, there are many issues that can arise concerning the VAT liability of certain insurance transactions. One of these issues
VAT for business if there’s a no-deal exit from the EU
With the new Prime Minister, Boris Johnson appearing to take an increasingly hard-line, the chances of Britain leaving the EU without any working agreement, known as a 'no
VAT accounting after prices are changed
New rules that make changes to the issuing of credit notes under certain circumstances will come into effect from 1 September 2019. The changes have been put in place to target
Reminder to sign up for Making Tax Digital before August
VAT registered businesses with a turnover above the VAT threshold, need to be ready to keep digital records for VAT purposes using Making Tax Digital (MTD). This means that
When you can’t reclaim VAT
For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that businesses must consider where there is any personal or private
VAT default surcharge appeal dismissed
HMRC imposes a VAT default surcharge on businesses that submit late VAT returns. VAT registered businesses are required by law to submit their return and make sure that payment of
VAT and disaggregation
The artificial separation of businesses is where two or more businesses are split, and each 'separate' entity operates below the VAT registration threshold (currently
VAT reverse charge construction industry
A change to the VAT rules first announced at Budget 2018, will come into effect from 1 October 2019. This change will make the supply of construction services between construction
What records must a VAT trader keep?
There are distinct rules that VAT registered businesses must follow when keeping VAT records. This includes keeping proper business and accounting records, a separate VAT account
VAT Margin Scheme on sales of vehicles
A Margin Scheme is an optional method of accounting which allows certain businesses to calculate VAT based on the 'value' they add to the goods they sell, rather than on