The Labour Party is proposing to impose VAT (Value Added Tax) on private school fees and revoke their charitable status. This change would subject previously VAT-exempt private school fees to a 20% tax, potentially straining the financial operations of schools that...
Not VAT registered? Then you may want to start thinking about this, especially if your revenue is growing significantly. We look at why it’s important to get VAT registered at the appropriate time and what the threshold is for business. As a business owner, it’s...
From 15th July this year, the government is introducing a temporary VAT 5% hospitality rate. It’s hoped that this will give people another reason to get out and spend money, giving hospitality businesses a much-needed boost. Here’s what you need to know about the new...
Do you know everything you need to know about VAT? As part of your business planning for 2020, we’ve picked the brain of our VAT expert, Michele Harris, who gives her top four tips when it comes to correctly planning for the all-important, yet somewhat complicated...
Paying VAT should never reduce your business profits as you are acting as an unpaid tax collector for HMRC. The VAT added to your sales (less any VAT paid on your purchases) is simply collected from your customers (less amounts paid to suppliers) and the difference...
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...
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...
