Your tax dates for the month ahead: 1 March 2018 – Due date for corporation tax due for the year ended 31 May 2017. 2 March 2018 – Self assessment tax for 2016/17 paid after this date will incur a 5% surcharge. 19 March 2018 – PAYE and NIC deductions due for month ended 5 […]
Category Archives: VAT
20
Feb
Feb
MTD – Making Tax Digital – is the government’s scheme to get everyone, both individuals and businesses – to submit their tax returns digitally and on a quarterly basis. There’ll no longer be a paper system for anything, and it’s the death knell for self-assessment.
01
Aug
Aug
The Government has responded to pressure from accountants and other interested parties and announced the delay of Making Tax Digital for Business to 2020 at the earliest. Quarterly VAT reporting using the new system will be mandatory from 2019. In a further U-turn, three million small businesses and buy to let landlords below the VAT […]
24
Jan
Jan
A new VAT flat rate of 16.5% applies from 1 April 2017 for “limited cost traders”. This is being introduced as HMRC believe that the current system is being abused by some businesses providing their labour but who have very few costs. The flat rate scheme was originally introduced as a simplification measure for small […]
14
Nov
Nov
Where credit card sales have been omitted from business takings, HMRC are encouraging taxpayers to come forward and make a disclosure of the income that has been omitted to avoid incurring interest and penalties on top of the unpaid tax. As you may be aware HMRC now receive information from third parties such as banks […]
11
Jul
Jul
The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting. To join the scheme your VAT turnover must be £150,000 or less (excluding VAT), and you must apply to HMRC to use the scheme. […]
22
Jun
Jun
You can apply to HMRC for a VAT refund on building materials and services if you are building a new home, or converting a property into a home. In order to qualify the home must be separate and self-contained, be for you or your family to live or holiday in, and not be for business […]
18
Nov
Nov
Care needs be taken when invoicing if your business makes supplies, some of which are standard rates and others which are potentially zero rated or exempt for VAT. A recent VAT Tribunal case has reinforced the rule established in the Card Protection Plan case that if the supply comprises a single service from an economic […]
14
Sep
Sep
The high street retailer French Connection has recently lost a case before the Tribunal concerning whether or not VAT is due on the supply of clothes to their employees. The retailer required employees in their shops to wear clothes from the current range and these were supplied free of charge. The case concerned whether or […]