Value Added Tax

IndividualsLimited CompaniesSole Trader or Partnership

The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Statement on Wednesday 23 March 2022. Here is an outline the key measures affecting

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Limited CompaniesSole Trader or Partnership

If not, but you are voluntarily registered for VAT because your annual turnover is below £85,000, you will need to sign up for MTD

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Limited CompaniesSole Trader or Partnership

Currently, VAT registered businesses with a taxable turnover of more than £85,000 must follow the rules for ‘Making Tax Digital for VAT’ (MTD) by

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Limited CompaniesSole Trader or Partnership

The rules for deciding whether a gift given in the course of business is deductible are complex. The rules for business gifts generally follow

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Limited CompaniesSole Trader or Partnership

Maybe – maybe not! In certain circumstances special ‘transfer of a business as a going concern’ (TOGC) rules apply and the sale will not

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Limited CompaniesSole Trader or Partnership

For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that businesses must consider where

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Limited CompaniesSole Trader or Partnership

It is well over a month since the implementation of a full border between the UK and the EU. Because of the pandemic, trade

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Limited CompaniesSole Trader or Partnership

INTRODUCTION New VAT rules are due to come into effect from March 2021 which will impact on accounting for VAT for transactions in the

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Limited CompaniesSole Trader or Partnership

A voluntary VAT deregistration can be made if you do not expect your taxable turnover to exceed the VAT deregistration limit. The current deregistration limit is £83,000.

If you are running a small business that has been adversely affected by

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The government has introduced a zero-rate of VAT on the sale of personal protective equipment (PPE) for Covid-19. The temporary measure will apply from 1 May 2020 until 31 July 2020 unless any further extensions are announced. This move will save

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There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be

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VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are usually used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT

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