VAT Archives - Page 6 of 8

Oct 07 2019

Construction Industry Reverse Charge

By admin Construction Industry Scheme (CIS), HMRC, Potts & Co Accountancy & Business Advice News, VAT

Most VAT registered builders who are also registered for the construction industry scheme (CIS) will be aware that a fundamental change in the way they calculated and administered VAT was planned from 1 October 2019 under the new reverse charge rules. From that date, registered subcontractors would no longer charge…

Jun 13 2019

How to Split a Business

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

As the VAT registration threshold is to be frozen at £85,000 until at least April 2022, more businesses will be drawn into the VAT net simply by increasing their prices by inflation every year. If you do not want to register for VAT you either have to keep your total…

Mar 11 2019

New VAT Rules For Building Firms

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

In just over six months, builders, contractors and other trades associated with the building industry will have to get to grips with a new way of accounting for VAT. Essentially, building firms will be required to charge themselves VAT when they buy building related services from other firms. This is…

Mar 08 2019

MTD Facts & Fiction

By admin Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

Your VAT software does not have to be cloud based and you do not need to keep your entire VAT accounting system on one software program. All VAT registered businesses with annual taxable turnover exceeding £85,000 must comply with the making tax digital (MTD) rules for VAT periods beginning on…

Mar 07 2019

VAT: Brexit Realities

By admin Potts & Co Accountancy & Business Advice News, VAT

Businesses which import or export goods will be aware of the didficulties that leaving the EU with no withdrawal agreement in place will cause them. However, other businesses will also be affected by immediate changes to the VAT system. EU VAT Refunds If you paid VAT on business expenses in…

Dec 08 2018

Making Tax Digital Software

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

Most VAT registered traders will be required to file their VAT returns using MTD-compliant software for VAT periods beginning on and after 1 April 2019. If your VATable turnover is likely to be over £85,000 for the year to 31 March 2019 it is crucial to understand this software…

Nov 13 2018

Tax Data 2019-20

By admin Budget Update, Corporation Tax, HMRC, Inheritance Tax (IHT), Personal Tax, Potts & Co Accountancy & Business Advice News, VAT

All figures are annual amounts Tax Allowances Personal allowance £12,500 Allowance withdrawn from £100,000 Transferable marriage allowance £1,250 Trading income £1,000 Property income £1,000 Rent-a-room £7,500 Tax on earnings Earnings to £34,500 20% £34,501 to £150,000 40% Over £150,000 45% Tax on earnings for Scottish residents Earnings to £37,500 20%…

Sep 13 2018

VAT Option To Tax

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

Commercial properties which are more than three years old will not have VAT attached to their sale or rent unless the owner or leaseholder has opted to apply it. This is called the "option to tax". There are three key questions to ask about your own commercial property: - have…

Sep 08 2018

Making Tax Digital: What, When & How

By admin HMRC, Making Tax Digital (MTD), VAT

If your business is VAT registered, and the turnover for the last year has exceeded £85,000, you should soon receive a letter from HMRC stating that you must comply with the making tax digital (MTD) rules from April 2019. The MTD regime requires you to keep all records relating to…

Mar 16 2018

VAT On Rewards For Crowdfunding

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

As an entrepreneur, you may look to a crowdfunding site to raise money for a new product. Prospective investors are asked to commit to a set level of funding; in return, they earn a package of rewards which expands with the level of funding. The VAT implications, however, can vary…

VAT

Construction Industry Reverse Charge

How to Split a Business

New VAT Rules For Building Firms

MTD Facts & Fiction

VAT: Brexit Realities

Making Tax Digital Software

Tax Data 2019-20

VAT Option To Tax

Making Tax Digital: What, When & How

VAT On Rewards For Crowdfunding

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