Here are all the changes in VAT after Brexit!

In this section, we will look at how the VAT will be changing and learning about VAT onimports and exports. How will VAT change after Brexit? While the Domestic VAT rules remain the same following the end of the transition period,VAT rules for imports and exports to and from EU will change. The UK was […]

How can you charge VAT to charities?

A VAT-registered business can sell certain goods and services to charities at the zero or reduced rate of VAT. As it can be quite complex for charitable organizations, we have prepared a guide to help you understand VAT implications of running a charity. Please note that it is your responsibility to check whether the charity […]

When can you claim VAT for entertainment expenses?

Assuming your business is VAT registered and not partly exempt, input tax can be claimed on your expenditures. However, entertainment expenses are subject to a specific tax block and the scenario below demonstrates this concept clearly. Scenario While working on client site, John, an audit partner in an accountancy firm often visits restaurants for lunch. […]

COVID-19 Extended Support announced by the Government to provide further relief to businesses

With uncertainty around COVID-19 still looming around the world, the UK government has decided to extend their COVID-19 support to certain schemes to help and assist businesses facing a downturn. Extended support has been provided for Job Support Scheme, Self-Employment Income Support Scheme,  Job Retention Bonus, Coronavirus Job Retention Scheme Deferring VAT and PAYE Tax […]

What is Intrastat and what should you know about it?

What is Intrastat? Intrastat is a system that collects statistics on the trade in goods between European Union (EU) member states. Please note that supply of services is excluded from intrastat. Which businesses should submit Intrastat? All VAT-registered business trading goods with other EU member states are supposed to make certain declarations and submit intrastat. […]

Job Retention Bonus announced by the Chancellor along with other new measures!

The Chancellor has announced the introduction of the Job Retention Bonus which will provide additional support to retain employees along with some other useful measures to stimulate the shaken UK economy. We discuss important details about these measures below: What is a Job Retention Bonus? A Job Retention Bonus is essentially a one-off payment of […]

The Advantages of Voluntary VAT Registration for Small Business

Value Added Tax (VAT) is the sales tax levied against goods and services within the UK. Businesses with a turnover in excess of the VAT Registration Threshold (currently £77,000 P.A. 2011-2012) are required by law to complete a VAT Registration with HM Revenue & Customs. Value Added Tax (VAT) is the sales tax levied against […]