The short answer to this question is a resounding “no”, but as always with tax, there are exceptions. Obviously, if you are in business and not VAT registered, you cannot reclaim the VAT added to any of your purchases. If you are VAT registered, HMRC has published the following guidance for VAT recovery when acquiring…
Just one month to go until the so-called “Domestic Reverse Charge” will apply to VAT-registered traders who are also registered to use the Construction Industry Scheme. Who’s Paying The VAT Bill? There has been an awful lot of commentary in the press claiming that from 1st October, building contractors will be lumbered with paying their…
Property Borderline Benefits On The Borders Now that Scotland and Wales have their very own stamp duty taxes, buying property in the border areas between Wales and England, and Scotland and England, raises some interesting planning options. Let’s look at Llanymynech. It’s a village that straddles the border between Powys (Wales) and Shropshire (England). The…
Here at Bracey’s, nothing pleases us more than helping large businesses maximise their profits. In fact, we like helping all sizes companies and all types of accounting needs. Bespoke Accounting For All Businesses We have a wealth of experience working with large businesses. In fact, we work alongside companies with turnovers in excess of £20m,…
VAT Basics may catch you out You may be late with your VAT returns and not even know it. You may have miscalculated your VAT as well, and not even realise it. Either way, that may mean fines. And we can help with it all. VAT should always be calculated on a 12-month rolling amount….
Fulfilment houses are being drawn into government endeavours to deal with the loss of revenue through online VAT abuse by traders based outside the EU. Therefore, from 1 April 2019, approved fulfilment businesses will be required to complete due diligence checks on their overseas customers and maintain records about the goods they store. HMRC have…
Tax Professionals are your best option The UK tax code, the laws that govern how much tax we pay, is one of the largest in the developed global economies. Unless you have a reasonable grasp of the multitude of tax rules and regulations, attempting to manage your own tax affairs is like driving with a…
We like to think we’re different here at Bracey’s. When people ask why, we tell them it’s our team that’s different. This is why we’re starting a staff spotlight feature where you can find out a little more about the team, what they do, what makes them tick and above all; how they can help…
Have you heard the one about the £297,845 fine for late VAT payment by just one day? That’s right. In a recent court case a company was fined £297,845 for being one day late in paying their VAT. This only goes to show the unpredictable, and seemingly harsh outcomes of HMRC’s VAT surcharging rules. Why…
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