by Ruth Clark | Aug 28, 2023 | Tax, VAT
There are some commonly held misconceptions about the VAT breaks for businesses buying Electric and Hybrid cars, even by car dealers trying to sell a new car. Input VAT Claim rules It is not uncommon for car dealers to tell buyers that their businesses can recover the... 
by Ruth Clark | Jul 17, 2023 | HMRC, VAT
VAT: An inspector calls! A business will have a visit from a VAT inspector for one of two reasons; a routine visit after selection by the HMRC computer based on the type of business and the level of turnover, or if the business has an unexpectedly large VAT repayment.... 
by Ruth Clark | Feb 27, 2023 | Tax, VAT
New system: The new VAT penalty system will apply to VAT periods starting on or after 1 January 2023 and will deal with late returns and late payments separately. Both legs of the system will reflect taxpayer behavior, and seek to punish persistent offenders rather... 
by Ruth Clark | Feb 8, 2023 | VAT
A new VAT penalties regime was brought in this month, and any firms or individuals missing their filing deadline from January 2023 onwards will receive penalty points even if there is no VAT due to be paid. While this may sound more benign than getting a fine,... 
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...