Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Is it worth registering for VAT voluntarily?
Is it worth registering for VAT voluntarily? You must register for VAT if your VAT taxable turnover for the last 12 months exceeded the VAT registration threshold of £85,000, or if you expect your turnover in the next 30 days to exceed this amount. However, while you are ...
More time to pay back deferred VAT and tax
More time to pay back deferred VAT and tax At the start of the pandemic, the following options were available: VAT registered businesses could defer VAT payments that fell due in the period from 20 March 2020 to 30 June 2020. Self-assessment taxpayers could delay their ...
Recovering VAT on the construction of residential buildings
Recovering VAT on the construction of residential buildings The sale (or long lease – more than 21 years) of new residential housing is a zero-rated taxable supply, so normally a business would expect to be able to recover all the VAT connected with the construction and...
Reduced rate of VAT for hospitality and leisure
Reduced rate of VAT for hospitality and leisure The hospitality and leisure industries have been severely affected by the Coronavirus pandemic. To help businesses in these sectors to get back on their feet, a reduced rate of VAT of 5% rather than the standard rate ...
Defer VAT payment during the COVID-19 pandemic
Defer VAT payment during the COVID-19 pandemic To help businesses struggling with their cashflow during the COVID-19 pandemic, VAT registered businesses can opt to defer the payment of VAT that becomes due between 20 March 2020 and 30 June 2020. This will cover returns for...
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