by Ruth Clark | Jan 16, 2023 | Business, Tax, VAT
It is quite common for a business to start a project, and then it either cannot progress for reasons outside the business’s control or the intended use changes. However, what happens to the VAT that has been reclaimed on the start-up or development costs if the... 
by Ruth Clark | Nov 7, 2022 | HMRC, Tax, VAT
HM Revenue and Customs (HMRC) is reminding Self-Assessment customers that they must declare COVID-19 payments in their tax returns for the 2021 to 2022 tax year. More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up... 
by Ruth Clark | Oct 21, 2022 | HMRC, VAT
The VAT flat rate scheme is a simplified VAT scheme. It can potentially save a lot of work and may also save tax. However, it is not for everyone and, depending on the nature of the owner’s business, they might find themselves worse off. Nature of the scheme The... 
by Ruth Clark | Sep 28, 2022 | COVID-19, VAT
All deferred VAT payments should have been dealt with by now, but HMRC has flagged in its latest bulletin for August that if your business is one of those that still has not managed to complete the payments that have been delayed, then you could be facing a penalty.... 
by Ruth Clark | Sep 24, 2021 | Tax, VAT
HMRC is trialling a forced closure of the online VAT return for 800 businesses that should be complying with Making Tax Digital for VAT. Businesses will not be able to file VAT returns due on 7 October 2021 unless they have signed up to MTD VAT. Making Tax Digital for...