For both limited companies and unincorporated businesses, managing Value Added Tax (VAT) can be a significant challenge, affecting a broad spectrum of business activities.
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VAT deadlines and what businesses should be doing to prepare for them
Businesses must remain compliant with the requirements for reporting and paying VAT, especially with the regular quarterly for VAT under Making Tax Digital.
Read moreGetting the data right is key to growth in hospitality
Hopes that the temporary VAT cut for hospitality would be extended were dashed in Chancellor Rishi Sunak’s Spring Statement this week.
Read moreHMRC to close helplines one day a week to clear backlog
VAT and Corporation Tax helplines at HM Revenue & Customs (HMRC) will close for one day a week to help clear the backlog built up during the COVID-19 pandemic.
Read morePenalty reform for VAT delayed until January 2023
The penalty reform for late payments has been delayed until 1 January 2023, confirms a statement by Lucy Frazer (The Financial Secretary to the Treasury).
Read moreBusinesses that do not use MTD for VAT make more errors than those that do, study reveals
Small and medium-sized enterprises (SMEs) that do not use Making Tax Digital (MTD) for VAT make more errors than those that do, a major study has revealed.
Read moreCampaign launched to peg VAT at 12.5 per cent for hospitality and tourism
Setting the VAT rate permanently at 12.5 per cent will create more than 100,000 jobs and boost investment in the UK, according to a new campaign.
Read moreTransitionary rate of VAT for hospitality comes into force
The temporary reduced rate of VAT for hospitality has increased to a transitionary rate from today, 01 October 2021.
Read moreHMRC letters remind businesses of VAT payments change
Reminder letters are being sent out to tens of thousands of UK companies explaining changes in the Making Tax Digital (MTD) system and how it affects them.
Read moreDeadline to pay deferred VAT or arrange payment plan “fast approaching”
The deadline to pay deferred VAT or arrange a payment plan is “fast approaching”, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned.
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