VAT news
What is the transfer of a business as a going concern for VAT purposes?
What is the transfer of a business as a going concern for VAT purposes? Be Aware, Getting it Wrong Can be Costly!! The transfer of a business as a going concern for VAT usually involves high ticket items. To get the VAT liability wrong can lead to severe...
New VAT Penalties coming from 1 January 2023
What are the new VAT penalties? From 1st January 2023 a new penalty-based points system will be introduced for all VAT returns that are submitted late or the payment is late. This new system will replace the current default Surcharge. Nil or repayment returns that are...
Tax Rates and Allowances 2022/23
Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...
What is the Postponed VAT Accounting system?
The Postponed VAT Accounting (PIVA) system for imported goods was introduced on 1 January 2021 and allows VAT registered businesses to declare and, subject to the normal rules, reclaim import VAT on the same VAT return. This avoids VAT being paid to HMRC on import and...
VAT consultant Tony Nickson successfully settles VAT Case
We have successfully settled another VAT case and reduced the tax liability from over £4M to zero, for one of our clients. Our client, calculating and submitting their own VAT returns, had neglected to keep proper export evidence. HMRC conducted a VAT visit and...
Changes to VAT penalty regime delayed until 2023
The government has announced that the new penalty regime for VAT, which was due to be introduced from 1 April 2022, will now be delayed until January 2023. The delay is to provide HMRC with extra time to ensure their IT systems are ready and well tested. The new...