Overseas online VAT abuse
The new Fulfilment House Due Diligence Scheme (FHDDS) opened for online applications on 1 April 2018. The FHDDS is part of a package of measure to combat the abuse of VAT rules by
When you can reclaim VAT on a car purchase?
There are complex VAT rules that determine the amount of VAT that can be recovered when purchasing a new car. In most cases, when a business purchases a car they can’t reclaim the
HMRC tackling online VAT fraud
Under new rules that came into force on 15 March 2018, HMRC has enhanced powers to make online marketplaces accountable for VAT fraud committed by online sellers on their
VAT option to tax land and buildings
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
Company fined £297,845 for paying VAT one day late
We have often warned our readers of the importance of submitting and paying VAT returns in a timely manner. In a recent article we wrote that it is imperative that VAT returns are
Splitting a business to save VAT
The artificial separation of businesses (also known as disaggregation) happens when a business with two or more activities (for a public house this could be the sale of drinks and
VAT when business transferred as a going concern
The transfer of a business as a going concern (TOGC) rules concern the possible VAT liability resulting from the sale of a business. Normally the sale of the assets of a VAT
What are VAT special schemes?
There are three main VAT schemes available to small businesses:
The flat rate scheme
The annual accounting scheme
The cash accounting scheme
The Flat Rate Scheme
The purpose
VAT rules for retailers using online marketplaces
Under new rules that came into force last year, HMRC has the power to force overseas retailers to appoint a UK-based VAT representative or to provide a financial guarantee. These
Autumn Budget 2017 – VAT registration and deregistration thresholds
The taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 for 2 years from 1 April 2018. The taxable turnover