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What happens to the VAT on an aborted project?

What happens to the VAT on an aborted project?

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...
VAT Flat Rate Scheme – Should we opt-in

VAT Flat Rate Scheme – Should we opt-in

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...
VAT Making Tax Digital – HMRC Emphasis for Registration

VAT Making Tax Digital – HMRC Emphasis for Registration

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...