VAT

Tax / HMRC steps up MTD letter campaign

HMRC has issued another 180,000 letters, following on from the 20,000 sent last week, to businesses affected by Making Tax Digital (MTD) for VAT, explaining the change and what they need to do to prepare for April 2019
15 Nov 2018

Tax / N Brown faces £9m VAT recovery challenge

Fashion group N Brown, which owns the Simply Be and JD Williams brands, faces paying up to £9m in additional VAT from 2020, after the company was told by a First Tier Tribunal (FTT) it is likely to lose its long-running dispute with HMRC
14 Nov 2018

Tax / Q&A: VAT on property and anti-avoidance

In our regular Q&A series from Croner Taxwise, we consider whether VAT can be reclaimed when a company sub-lets a property to a non-VAT registered business bearing in mid the relevant anti-avoidance rules under VAT 1994
13 Nov 2018

Tax / Calls to relieve EU pensions of VAT burden

The relief of pension fund participants from unevenly-applied VAT charges on contracted management services has been called for by an EU pension representative and a Brussels-based advocacy group, who criticise the lack of 'political willingness'
8 Nov 2018

Tax / Brexit, VAT and distance sellers

The lack of certainty on Brexit, far less the customs union, is leaving companies in a state of limbo. Nicholas Hallam, CEO of Accordance VAT considers the future VAT compliance options for distance sellers
8 Nov 2018

Tax / Working group to investigate feasibility of VAT split payments

HMRC and the Treasury are to set up a formal industry working group to examine how to create a split payment model for VAT, in order to cut down on tax losses from cross-border e-commerce, after a consultation found the potential options under consideration were too complex and costly to implement
7 Nov 2018

Tax / Simplification of tax return amendment process planned

The government is planning to review the complicated process for amending tax returns to make it more transparent and easier for taxpayers to use, with a possible move to a single digital tax amendment service
7 Nov 2018

Tax / Construction sector faces VAT reverse charge

The government has published draft legislation detailing a new VAT domestic reverse charge for certain building and construction services, which will take effect from 1 October 2019 and is designed to clamp down on missing trader fraud
7 Nov 2018

Tax / Overdue VAT reaches five-year high

There has been a 22% rise in the value of unpaid VAT owed to HMRC by UK businesses to £3bn, up from £2.48bn the previous year, as late payments leave businesses with cashflow difficulties
5 Nov 2018

Tax / Budget 2018 briefing: key measures at a glance

In our roundup of Budget 2018 essentials, we review the key tax measures for businesses and individual taxpayers, from a time-limited hike in annual investment allowance to £1m, retention of entrepreneurs’ relief, frozen VAT threshold, a digital services tax for tech giants and an unexpected increase in the personal allowance
2 Nov 2018

Tax / VAT updates: November 2018

Graham Elliott, VAT expert at City & Cambridge Consultancy examines questions raised over the VAT status of charities building annexes in diocese of Westminster case
1 Nov 2018

Tax / Munn: unpacking the VAT changes in Budget 2018

The freezing of the VAT threshold until 2020 was just one of a number of VAT announcements in Budget 2018 affecting businesses from VAT grouping to pre-payment on unsupplied services, explains Philip Munn, VAT partner at RSM
30 Oct 2018

Tax / Q&A: Making Tax Digital for VAT and taxable turnover

Hilary Budd, senior VAT consultant at Croner Taxwise, discusses the criteria for a limited company to be enrolled in Making Tax Digital (MTD) by explaining what is classed as taxable turnover
30 Oct 2018

Tax / Budget 2018: VAT threshold frozen at £85k until 2022

Chancellor Philip Hammond has confirmed that the VAT threshold will stay at the current level of £85,000 for a further two years until April 2022 after a call for evidence did not provide a clear option for reform
29 Oct 2018

Tax / Editor’s comment: only the beginning for Making Tax Digital

As HMRC launches the full trial for Making Tax Digital for VAT, nearly a million businesses can now test out the VAT quarterly reporting system which will be mandatory from April 2019. Sara White considers the longer term HMRC approach to digital tax reporting
25 Oct 2018

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