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HMRC Issues Customs EORI Numbers

13th September 2019 | Written by In Accountancy | Categories : Brexit, Business, Client Focus, HMRC, News, Small Business Tips, VAT
HMRC Issues Customs EORI Numbers

In order to try and ensure that businesses are ready to trade post-Brexit, HMRC is automatically enrolling them in the customs system. HMRC has confirmed that more than 88,000 VAT-registered businesses across the UK will be allocated an Economic Operator Registration and Identification (EORI) number in order to enable them to keep trading with customers and suppliers in the EU Read the full article…


VAT Changes May Cause Construction Chaos

25th August 2019 | Written by In Accountancy | Categories : Accounts, Business, CASH, CIS, Construction Industry, HMRC, Limited Companies, Tax, VAT
VAT Changes May Cause Construction Chaos

The Federation of Master Builders (FMB) is warning that a major change in the way that VAT is accounted for in the building and construction sector which takes effect later this year may cause chaos. The VAT domestic reverse charge for building and construction services applies from 1 October 2019. It is an anti-fraud measure – an administrative change, impacting Read the full article…


DELAYED…Construction Industry – VAT domestic reverse charges

22nd August 2019 | Written by In Accountancy | Categories : Accounts, Brexit, CASH, CIS, Construction Industry, Contractors, Making Tax Digital, News, VAT
DELAYED…Construction Industry – VAT domestic reverse charges

GREAT NEWS – A plan by HMRC to introduce new procedures for paying VAT in the building and construction industry have been postponed for 12 months until 1 October 2020. ORIGINAL ARTICLE FOLLOWS BELOW: More changes are afoot from 1 October 2019 (now delayed until 2020 in the world of accounting for VAT, this time specifically relating to the building and construction Read the full article…


Employer Bulletin – Latest Guidance

31st July 2019 | Written by In Accountancy | Categories : Accounts, Business, CASH, GDPR, HMRC, HMRC, News, VAT
Employer Bulletin – Latest Guidance

HMRC has issued the June 2019 edition of the Employer Bulletin. This includes articles on a number of issues including: labour supply chain fraud using loans to avoid Optional Remuneration Rules re-enrolment of staff back into a workplace pension scheme GDPR fees contractors operating CIS – new VAT reverse charge on building and construction services using Tax-Free Childcare to make Read the full article…


Payment On Account Confusion

23rd July 2019 | Written by In Accountancy | Categories : Accounts, Budget, Business, HMRC, News, Tax, VAT
Payment On Account Confusion

Under self assessment taxpayers are required to make payments on account of their tax liabilities. The payment on account instalments consist of two payments on account of equal amounts: the first on 31 January during the tax year and the second on 31 July following the end of the tax year. These are set by reference to the previous year’s Read the full article…


MTD for VAT Latest

11th July 2019 | Written by In Accountancy | Categories : Business, HMRC, HMRC, Limited Companies, Making Tax Digital, Making Tax Digital, News, VAT
MTD for VAT Latest

HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold(currently £85,000)must keep digital records for VAT purposes and provide their VAT return information to HMRC using compatible software. The rules have effect from 1 Read the full article…


When a car is not a car (for VAT purposes)

24th June 2019 | Written by In Accountancy | Categories : Accounts, Business, HMRC, Limited Companies, News, Tax, VAT
When a car is not a car (for VAT purposes)

For VAT purposes, it’s important to know the difference between cars and other vehicles. This is because in most cases, VAT-registered businesses can’t reclaim the VAT when they buy a car. But they may be able to reclaim the VAT when they buy a commercial vehicle, motorcycle or motor home.


VAT Fuel Scale Charges

10th June 2019 | Written by In Accountancy | Categories : Budget, Business, HMRC, Limited Companies, Tax, VAT
VAT Fuel Scale Charges

HMRC has issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2019. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get in touch for further advice Read the full article…


Making Tax Digital for VAT – Quick Update

17th May 2019 | Written by In Accountancy | Categories : Accounts, HMRC, Limited Companies, Making Tax Digital, News, VAT
Making Tax Digital for VAT – Quick Update

We are now six weeks into the Government’s Making Tax Digital for VAT initiative, and so far, so good. If we currently look after and submit your VAT returns on your behalf, then rest assured that you are in good hands – we are MTD ready and ensuring all clients are compliant with new legislation in plenty of time. If Read the full article…


MTD for VAT

15th April 2019 | Written by In Accountancy | Categories : Business, Client Focus, HMRC, HMRC, Limited Companies, Making Tax Digital, Making Tax Digital, Tax, VAT
MTD for VAT

HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software. The new rules Read the full article…