MTD for VAT pilot extended
The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000)
VAT – option to tax
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means
Alert for VAT registered traders
The deadline for businesses with a turnover above the VAT threshold to keep digital records and provide regular digital updates to HMRC for VAT purposes using Making Tax Digital
Take care when making VAT reclaims
The Court of Appeal recently heard a taxpayer’s appeal against a decision of the Upper Tribunal to recover an amount of overpaid VAT. The claim related to historic VAT claims
VAT on transfer of business as a going concern
The transfer of a business as a going concern (TOGC) rules consider the VAT liability on the sale of a business. Normally, the sale of the assets of a VAT registered or VAT
VAT – goods on sale or return
There are special VAT rules that must be followed when you sell goods on a sale or return basis. Goods sold on a sale or return basis (sometimes known as ‘on approval’) are goods
Correcting errors on your VAT return
Where an error on a past VAT return is uncovered taxpayers have a duty to correct the error as soon as possible. HMRC can also charge penalties and interest if an error is due to
VAT – motor dealer deposit contributions
A new Revenue and Customs Brief 7/18 has been published by HMRC concerning their policy on the VAT accounting treatment of promotions, where payments are said to be made by motor
Updated list of software suppliers that support MTD for VAT
The deadline for businesses with a turnover above the VAT threshold to keep digital records for VAT purposes when Making Tax Digital (MTD) returns, is fast approaching.
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VAT and gift vouchers
New draft legislation has been published as part of the draft Finance Bill 2018-19 that aims to change the VAT treatment of vouchers. The legislation will focus on bringing the UK