VAT on sales is being reduced for hospitality, hotel and accommodation and attractions businesses. The reduction is substantial – down to 5%. It is effective from Wednesday – 15 July – and will last until 12 January 2021. Both these dates are in the ... [Continue Reading]
Eat Out to Help Out
Eat Out to Help Out starts in August. A 50% discount to your customers should help. To qualify for government support for the scheme, your business needs to be registered. Registration starts on Monday, 13 July. If you want to be able to offer the ... [Continue Reading]
Brexit – Don’t forget it!
Brexit has taken a bit of a back seat but changes which will affect thousands of businesses will apply from 1 January 2021. Businesses trading online or by mail order will be the primary ones affected, and the changes will be significant. The ... [Continue Reading]
VAT and Covid-19 info
Information and clarification is thin. The expected clarification announcement by the Chancellor did not take place. However, there are a few droplets of information being released. VAT Deferral Scheme HMRC are saying that no one needs to pay VAT ... [Continue Reading]
Coronavirus – recent info
This week has seen a lot of announcements from the government but there is often a lack of clarity. Precise and definite information is taking time to come out. We can understand this because of the number of changes and initiatives being announced. ... [Continue Reading]
Voluntary work for a charity
Charities need help and support A sole trader or a partner may do some voluntary work for a charity and may even provide materials. You may have done so, or know someone who has. If it is voluntary work, it doesn’t always mean that the cost of ... [Continue Reading]
VAT – Evidence of Purchase
VAT purchases is another area on which HMRC is becoming more aggressive. They have always been particular but recent indications are that they are looking more closely at VAT reclaimed. Legally, in order to claim VAT back on supplies you receive, ... [Continue Reading]
Mortgages if you run your own business
Running your own business, whether self-employed, as a partnership or through a limited company seems to cause problems when it comes to obtaining a mortgage. This is particularly relevant to anyone who hasn’t been in business for a long time and ... [Continue Reading]
Flat Rate VAT
Which is best – Standard VAT or Flat Rate VAT (FRS)? Simple, but not very helpful, answer is, “It depends” How do the two schemes work? With standard VAT, you charge VAT on your sales and pay this over to HMRC. Before paying the money to ... [Continue Reading]
CIS VAT
*DOMESTIC REVERSE CHARGE VAT FOR CONSTRUCTION INDUSTRY - POSTPONED* On Friday, 6th September at around 5:00pm, HMRC announced that they were postponing the implementation of the Domestic Reverse Charge. Should you have an queries regarding this ... [Continue Reading]
