Are you ready for Making Tax Digital for VAT?

Are you ready for Making Tax Digital for VAT on 1st April 2022, when keeping digital records and filing VAT returns using compatible software becomes mandatory. Folkes Worton are here to help you with the transition on 01384 376964

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Accounting for Import VAT on your VAT return

HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union. Businesses registered for VAT in the UK can account for import VAT on their VAT Return for goods imported into: Great Britain (England, Scotland and Wales) … Continued

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New VAT Rules for Construction Sector

New VAT rules come into effect on 1st March 2021 that will have an effect on accounting for VAT on transactions in the construction sector. Originally scheduled for October 2019, they have been delayed until this March due yo the lack of industry awareness. The new ‘reverse charge’ system of … Continued

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Company cars after lockdown

VAT Margin Scheme on sales of vehicles

A Margin Scheme is an optional method of accounting which allows certain businesses to calculate VAT based on the ‘value’ they add to the goods they sell, rather than on the full selling price. Without the use of the Margin Scheme, businesses would have to account for VAT on the … Continued

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Folkes Worton Insight

VAT and disaggregation

The artificial separation of businesses is where two or more businesses are split, and each 'separate' entity operates below the VAT registration threshold (currently £85,000). This is

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Folkes Worton Insight

What records must a VAT trader keep?

There are distinct rules that VAT registered businesses must follow when keeping VAT records. This includes keeping proper business and accounting records, a separate VAT account as well as copies of

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