Here are some of the key points from the budget of 29 October 2018: Savings The ISA allowance is held at £20,000. The Junior ISAs annual allowance and Child Trust Funds for 2019/20 will be increased in line with CPI to £4,368. National Savings and Investments (NS&I) have announced the minimum investment for premium bonds Read more about Main points from the budget (29 October 2018)[…]
If you sell digital products, e.g. downloadable publications, to customers who are located in the EU you might be required to register for VAT in those countries. However, soon this won’t be necessary if your sales in the EU aren’t significant. What’s changing? From 1 January 2019 an annual €10,000 (HMRC will set a sterling equivalent) Read more about New VAT Limit for digital supplies[…]
HMRC published a new notice (700/22) in July with more detail on Making Tax Digital for VAT (MTDfV). The notice confirms that MTDfV will apply to all businesses for the first VAT period starting on or after 1 April 2019 where their turnover was in excess of the registration limit (currently £85,000) in the Read more about Making Tax Digital (MTD) – VAT update[…]
A new online payment service was introduced on 15 December 2014 for the payment of Self Assessment or VAT bills by debit card. This is a trial known as a beta service and HMRC is working in partnership with Worldpay. You can still pay HMRC using the Billpay service, however this new service will eventually Read more about HMRC’s new online payment service[…]
Contact HMRC as soon as possible if you are having difficulty paying your bill. You may be given more time to pay the outstanding amount or perhaps pay it by installments. If you have missed the payment deadline you must contact us immediately to possibly avoid enforcement action being taken. Don’t waste any time.
In contrast to standard VAT accounting, there are several alternative ways you can account for VAT that could save you time and money. Some of these VAT accounting schemes have been designed for specific trade sectors. Others have been designed to deal with more general business issues. Some of the schemes can be used together. Read more about VAT Accounting Schemes[…]
What is VAT? VAT is a tax that’s charged on most business transactions in the UK. VAT registered businesses add VAT to the price they charge when they provide goods and services to: business customers – for example a clothing manufacturer adds VAT to the prices they charge a clothes shop non-business customers – members Read more about Introduction to VAT[…]