EC VAT, Post Transition Period Guidance

EC VAT, Post Transition Period Guidance

HMRC has published new guidance for VAT issues after the transition period ends.   IMPORTS Postponed VAT accounting. Most businesses will use postponed VAT accounting for Imports (this will include goods from the EC which are currently called acquisitions)....
VAT and Deposits – HMRC Updated Guidance

VAT and Deposits – HMRC Updated Guidance

HMRC have recently issued new guidance on the subject of deposits, which will have an application to many businesses. A “deposit” is generally used to describe any payment received in advance of the making of a taxable supply.  For example, a deposit is often made in...
VAT – Post 31 January 2020

VAT – Post 31 January 2020

Even though the UK is leaving the EU on 31 January 2020, the transition period to 31 December 2020 means that there will be no VAT changes, in terms of paperwork and process. From 1 January 2021 – the UK will have imports and exports of goods (to EU countries) instead...
Charities and VAT

Charities and VAT

CHARITIES AND VAT It is wrong to assume that Charities get special VAT treatment, however, they do benefit from VAT relief on the purchase of some goods and services. They can also get a VAT exemption on income from fundraising events as long as certain conditions are...
Charities and VAT

Top 10 Errors at VAT Inspections

Top 10 Errors at VAT Inspections VAT inspections used to be a fairly regular occurrence for VAT registered business owners and were often viewed as a terrifying and potentially costly experience. Whilst the regularity of VAT inspections has decreased significantly...