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]
MTD for VAT deadline
VAT Returns are compulsory for returns with a filing date of 7 August. If you haven’t registered you may find your VAT Return is blocked when you try to file it. If this happens to you, don’t panic. You can contact us (01509 816150 or via our ... [Continue Reading]
Is there confusion over Trivial Benefits exemption?
If HMRC aren’t clear about the Trivial Benefits rules, who is? A host at an HMRC webinar was explaining the tax position for low cost perks. She proceeded to say that snacks regularly provided by an employer aren’t exempt. She was in fact ... [Continue Reading]
