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... 
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....