by admin | Nov 11, 2021 | Value Added Tax |
There are a number of conditions that must be satisfied in order for an activity to be within the scope of UK VAT. One of the conditions that needs to be carefully considered when deciding whether an activity is within the scope of VAT is the concept that the supply...
by admin | Nov 4, 2021 | Value Added Tax |
There are special VAT rules for building contractors and sub-contractors that came into effect on 1 March 2021. The new rules make the supply of most construction services between construction or building businesses subject to the domestic reverse charge. The reverse...
by admin | Oct 21, 2021 | Value Added Tax |
The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has been received after an extended period (usually 6 months after the due...
by admin | Oct 14, 2021 | Value Added Tax |
There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of acquiring an item and its sale price rather than on the full selling price. Without the...
by admin | Oct 7, 2021 | Value Added Tax |
The temporary reduced rate of 5% for hospitality, holiday accommodation and attractions that came into effect in July 2020 ended on 30 September 2021. However, the government had previously decided that reverting to the standard rate would be too much for many...
by admin | Sep 30, 2021 | Value Added Tax |
HMRC’s guidance on how to complete and submit a One Stop Shop (OSS) VAT Return from 1 October 2021 has been updated. The special VAT return should only be completed by businesses registered for the OSS Union scheme. The OSS Union scheme can be used by...
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