VAT News

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VAT Deferral Guidance

VAT Deferral Guidance

HMRC has issued some guidance to taxpayers that deferred their VAT payments between 20 March and 30 June 2020 and still have payments to make. HMRC is advising taxpayers who deferred their VAT payments to: pay the deferred VAT in full on or before 31 March 2021 or opt...

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

VAT and Deposits  HMRC has 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...