VAT online accounts no longer able to file quarterly or monthly VAT returns from 1st November 2022

From‌‌‌ ‌‌Tuesday 1‌‌‌ ‌‌November 2022, clients will no longer be able to use their existing VAT online account to file their quarterly or monthly VAT returns. Businesses that file annual…

Changes to VAT Default Surcharges for late filing & late payment

In the Spring 2021 Budget, the government announced that there would be changes to the way penalties are incurred on late VAT return submissions and/or payments from 1st April 2022.…

Customs & VAT Transition Update – UK clients doing business with or in the EU

If your business moves goods between the UK and countries in the EU, You’ll need to follow new customs and tax rules. Businesses will be affected by the new rules…

New VAT Penalty System

HMRC have announced a reform of the current penalty system relating to late submission of VAT returns and late payment of VAT liabilities. Instead of an automatic financial penalty being…

DRC (Domestic Reverse Charge) VAT scheme started, update your Xero tax codes now

As the new DRC VAT scheme started yesterday, any clients on Xero that fall under the reverse charge for CIS ruling will need to update their tax codes on Xero,…

UK Making Tax Digital (MTD) phase 2

From 1 April 2021, over 1 million UK VAT registered businesses face new MTD obligations, with penalties threated for the first time. The changes only apply to UK VAT registered…

VAT Construction reverse charge

THE NEW VAT RULES FOR CONSTRUCTION SECTOR START ON 1 MARCH 2021 New VAT rules are due to come into effect this March which will impact on accounting for VAT…

Pay VAT deferred due to coronavirus (COVID-19)

The guidance on how to pay VAT payments deferred between 20 March and 30 June 2020 has been updated with an added section on ‘Correcting errors on your VAT returns…

Covid-19 – Winter Economy Plan

On 24th September, Rishi Sunak unveiled the goverment’s plan to support businesses and protect jobs over the coming months. It will be several days before the full details become clear…

VAT FLAT RATE SCHEME 

VAT FLAT RATE SCHEME  New flat rate percentages from 15 July until 12 January have been announced, which include: Catering 4.5% Pubs 1% Hotels and accommodation 0%   See: https://www.gov.uk/vat-flat-rate-scheme/how-much-you-pay…