VAT Blog
Latest news, thoughts and articles from the world of VAT.
Recent changes for option to tax notification and valuation rules.
Option to tax notifications Revenue and Customs Brief 01/23 confirms that HMRC will now only issue an acknowledgement online to nofifications that are submitted online, Nofifications that are submitted any other way - such as postal delivery - will no longer receive...
Serviced accommodation, AirBnB and all that VAT
VAT and serviced accommodation The subject of this post is whether serviced accommodation and AirBnB fall within the Tour Operators Margin Scheme. This can significantly affect how much VAT the SA provider has to pay HMRC. The difference can be significant. I first...
Merry Christmas and chilling out to some reindeer…
The past few years have been chaotic. From Brexit to COVID, the Tory party's leadership pantomime and the very difficult economic situation where many people can't afford to heat their homes and are struggling to pay for food and other necessities, the past few years...
VAT on transactions between associated businesses: Back to basics part 2
This is the second of 3 posts discussing VAT on transactions between assocated businesses. In this post, I'll be taling about terminology and how otherwise everyday words or phrases can have quite different meanings for VAT. Remember the basic principle - you can...
Back to basics: Transactions with associated business
One of the most common problem areas in VAT is dealing with VAT on transactions with associated businesses. This includes sharing out the office rent or raising a management charge for directors' services. This is the first of 3 posts that I'm planning on the...
COVID; answering your queries and the new rules for sub-contractors
I cannot believe that it's already April. If, like me, you have have been affected by COVID either medically, professionally or for any other reason, then chances are you're struggling a bit even if you're past the worst. God Bless to anyone who is struggling...
November newsletter and new podcast
Another busy week! With the Chancellor's autumn statement this week, it's going to be particularly busy for businesses. And with 1 January almost here, any businesses involved with EC trade MUST ensure that they have updated their systems to be compliant for leaving...
New VAT podcast now online
Check out my first VAT podcast: What is VAT? How does it work? The difference between taxable and exempt supplies. https://lnkd.in/ekvKgUs
Not another VAT newsletter; September 2020
Hi there Lots of everyday VAT issues this month. Stamp duty and VAT: Revenue & Customs Brief 20/11 https://tinyurl.com/y32bdmzb contains guidance for landlords when the terms for leases with existing clients are varied. Very helpful guidance at this time when...
What do you do when HMRC gets it wrong?
I'm sure that most of us have received a decision from HMRC about tax that we feel is wrong. You may think that a similar business is paying less VAT, or you may disagree with HMRC’s interpretation of the rules; or in some cases you feel that they have just given you...
VAT and the reduced rate for residential renovations
The most common query I receive about VAT and residential renovations is if/how you, as the property owner, get the 5% reduction for goods and materials. Unfortunately, you can't. This is because the 5% ONLY applies to goods and materials that are supplied and...
Who really benefits if the government reduces the VAT rate?
It's good that the shops are beginning to open and we're getting some sense of "normality" back into our lives. To say that it will be a long road back is an understatement. And, of course, every commentator seems to have their own ideas about how the government can...
Property developers, VAT and COVID 19: READ THIS
Property developers, VAT and COVID 19 As if there’s not enough to think about at the moment, property developers need to be extra careful with short term lets of new or newly converted domestic properties. Or they could end up with unexpected VAT bills. The property...
Additional REsources
A Few Other Resources We’ve Created for Our Customers
Recent changes for option to tax notification and valuation rules.
Option to tax notifications Revenue and Customs Brief 01/23 confirms that HMRC will now only issue an acknowledgement online to nofifications that are submitted online, Nofifications that are submitted any other way - such as postal delivery - will no longer receive...
Serviced accommodation, AirBnB and all that VAT
VAT and serviced accommodation The subject of this post is whether serviced accommodation and AirBnB fall within the Tour Operators Margin Scheme. This can significantly affect how much VAT the SA provider has to pay HMRC. The difference can be significant. I first...
Merry Christmas and chilling out to some reindeer…
The past few years have been chaotic. From Brexit to COVID, the Tory party's leadership pantomime and the very difficult economic situation where many people can't afford to heat their homes and are struggling to pay for food and other necessities, the past few years...