From 1st August 2024, selling fees charged by Amazon to UK vendors will be subject to VAT at 20%. This is because of a change in the legal entity that charges the fees. Previously, fees were charged by Amazon Service Europe S.a.r.l (ASE), which did not have a UK establishment,…
Welcome to our August Tax Update. In this edition we take a look at the 60% income tax trap, tax-free childcare accounts, staff BBQs, the tax treatment of furnished holiday lettings, VAT on independent schools fees and upcoming dates on the accounting horizon. BEWARE THE 60% INCOME TAX TRAP It…
HM Revenue and Customs has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator has been developed after feedback from small businesses suggested an online tool would be helpful to show when their turnover could require businesses to register for VAT…
Requesting changes to registration details to be through online account only HMRC has announced that from 5th August 2024, any request to change your VAT registration details should be made using your VAT online account, and not by using the VAT484 form or any other postal or electronic means. Why…
Welcome to our July Tax Update. In this edition we take a look at the tax point for VAT, pool cars, childcare accounts, selling a subsidiary and events on the accounting horizon, the main one being the General Election this Thursday! ‘TAX POINT’ FOR VAT The time of supply is…
Understanding the pros and cons of the VAT Flat Rate Scheme for businesses Value Added Tax (VAT) is a significant consideration for businesses. It impacts your cash flow, the amount of admin work needed, and even your overall profitability. One option available to businesses – with a VAT exclusive turnover…
Welcome to the November 2023 Tax Update. In this edition we take a look at year-end tax planning, are all LLP Members self-employed, HMRC challenging LLP schemes for property businesses. charging EVs at home, reclaiming input VAT on the sale of shares; and this month’s events on the accounting horizon.…
Welcome to the July 2023 Tax Update. In this edition we take a look at Super Deduction’s replacement, the extended deadline for topping up NI contributions, the VAT flat rate scheme, working from home, school fees plans, and this month’s events on the accounting horizon. If you need any help…
HMRC late payment interest rates to be revised after Bank of England increases base rate. The Bank of England Monetary Policy Committee announced on 11th May 2023 that it would increase the Bank of England base rate to 4.5% from 4.25%. HMRC interest rates are linked to the Bank of England…
From Monday 15th May 2023, unless you are already using Making Tax Digital (MTD) compatible software, you will no longer be able to use your existing VAT online account to file manual VAT returns. That is because by law, all VAT-registered businesses must now use Making Tax Digital (MTD) compatible…