If you deferred paying VAT due in the period from 20 March to 30 June 2020, you should pay it by 31 March 2021 if you can. If you can’t afford to pay by 31 March 2021, you can join the VAT deferral new payment scheme and pay your deferred VAT over a longer period. The online service will open Read more about VAT deferral new payment scheme – join from 23 February[…]
From January 1st 2021 When the UK left the EU, new rules came into effect that change how goods sold to and received will be treated. Although many overseas sellers joined Making Tax Digital for VAT in October 2019, the change to import VAT rules may affect further businesses selling to UK customers. March 31st Read more about Key upcoming dates Making Tax Digital for VAT[…]
The government has extended the temporary reduced rate of VAT (5%) to tourist attractions and goods and services supplied by the hospitality sector. This relief came into effect on 15 July 2020 and will now end on 31 March 2021 across the UK.
For those that have deferred VAT payments, the Government has given businesses the option to pay back in instalments. Rather than a lump sum payment in March, you can pay 11 smaller interest free payments, and this is extended up to 31 March 2022.
From 1 April 2022 all VAT registered businesses must follow the new rules regardless of turnover. If you’re a VAT registered business with a taxable turnover above £85,000, you must follow the rules for Making Tax Digital for VAT unless: your business uses the VAT GIANT service – HMRC will contact you to tell you when the deadline Read more about Making Tax Digital for VAT as a business or sole trader[…]
Other new measures announced Today the Chancellor announced VAT cuts on food, accommodation, eat in or hot takeaways, cinemas, zoos and theme parks. From 15 July until 12 January 2021, the UK government will cut VAT from 20% to 5% on any eat-in or hot takeaway food and drinks from restaurants, cafes and pubs, excluding Read more about VAT cuts on food, accommodation, eat in or hot takeaways, cinemas, zoos and theme parks[…]
With the next VAT deadline date of 7 May fast approaching, we wanted to send a reminder of the process for those who wish to utilise the VAT payment deferral announced by the Chancellor in March. There’s no need to apply for a deferral BUT: You are still required to file a return through the Read more about VAT Payment deferal[…]
Making Tax Digital for VAT came into force from 1 April 2019 for the majority of customers with a turnover above the VAT threshold. The first submission deadline (7 June 2019) and over 325,000 businesses have registered for the service and over 180,000 VAT submissions have been received by HMRC. HMRC are issuing reminder email Read more about Making Tax Digital for VAT update[…]
Who is this for? Business that issue vouchers to customers which they can exchange for goods or services and are VAT registered. When does it start? 1 January 2019 What’s happening? From 1 January 2019 vouchers will fall into tow categories: Single purpose Multi-purpose VAT will be triggered depending on what the voucher entitles your customer to: Single Read more about New VAT rules for some vouchers[…]
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