The online service for checking a UK VAT number is available at: http://www.gov.uk/check-uk-vat-number. This service can be used to check: if a UK VAT registration number is valid; and the name and
Category: Value Added Tax
Value Added Tax otherwise known as VAT information.
Reclaiming pre-trading VAT
There are special rules that determine the recoverability of VAT incurred before a business registered for VAT. This type of VAT is known as pre-registration input VAT. There are different rules for
Are we unpaid tax collectors?
Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; whether they are registered for VAT or not. If you are not registered for VAT, you do not
Correcting errors in VAT returns
Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. To do
VAT reverse charge for builders
There are special VAT reverse charge rules for certain building contractors and sub-contractors. The rules, which came into effect on 1 March 2021, makes the supply of most construction services
Check a VAT number
The check a UK VAT number service is available at: http://www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK VAT registration number is valid; and the name and address of the
VAT boost to charitable donations
The government is looking to introduce a new relief that would provide a VAT boost to charitable donations. The new VAT relief would be designed to encourage businesses to donate everyday items to
VAT retail schemes
VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity items
Paying VAT on goods from EU to Northern Ireland
There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern Ireland businesses continue to have access to the whole UK market.
Spring Budget 2024 – VAT registration threshold changes
The taxable turnover threshold that determines whether businesses should be registered for VAT will increase from -85,000 to -90,000 from 1 April 2024. The taxable turnover threshold that determines
Eligibility for the VAT Flat Rate Scheme
The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months to be no more than -150,000, excluding VAT. The annual taxable turnover limit is
Make VAT Efficient: Understand Flat Rate VAT
Maximizing VAT Efficiency: Understanding the VAT Flat Rate Scheme Navigating the complexities of VAT can be a challenging endeavor for UK businesses, especially when looking for ways to simplify and potentially reduce tax liabilities. CIGMA Accounting, a leading UK accounting firm, sheds light on the VAT Flat Rate Scheme - an often underutilized yet beneficial … Continue reading Make VAT Efficient: Understand Flat Rate VAT
When you must register for VAT
The taxable turnover threshold, which determines whether businesses should be registered for VAT, is currently -85,000. The taxable turnover threshold that determines whether businesses can apply for
VAT Capital Goods Scheme
The VAT Capital Goods Scheme (CGS) is a means of spreading the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution
Activities subject to the scope of VAT
There are a number of conditions that must be satisfied for an activity to be within the scope of UK VAT.
An activity will fall within the scope of VAT when all the following conditions are
How to Navigate VAT Recovery When Leasing Business Vehicles
How to claim work from home tax relief in the UK The world of VAT (Value-Added Tax) can seem complicated, especially when it involves leasing vehicles for your business. While leasing often provides flexibility and financial benefits, the intricacies of VAT recovery on these leases can be confusing. This guide aims to simplify VAT treatment … Continue reading How to Navigate VAT Recovery When Leasing Business Vehicles
VAT Supplies for No Consideration: What You Need to Know
VAT Supplies for No Consideration: What You Need to Know Value Added Tax, commonly known as VAT, is a part of everyday business transactions. However, not all supplies are straightforward, and the landscape gets complicated when dealing with VAT supplies for no consideration. This concept seems counter-intuitive because, in most cases, 'supply' generally involves a … Continue reading VAT Supplies for No Consideration: What You Need to Know
VAT supplies for no consideration
In most cases, a supply of goods or services for VAT purposes is deemed to have taken place in return for consideration. This is usually payment in money but can also be of a
VAT recovery when leasing vehicles
The VAT treatment of motoring expenses is relevant to any business that incurs VAT on motor expenses.
We have covered below some important points to be aware of concerning the recovery of input tax
Tax and duty on goods sent from abroad
There are special rules to help ensure that goods sent from abroad are taxed appropriately. The aim is to not disadvantage UK businesses supplying goods in the UK, for example, by having to compete
VAT treatment of road fuel costs
There are four options for the VAT treatment of road fuel costs.
Treat all of the VAT as input tax because 100% is used for business purposes. This option only applies to fuel for cars used
Transferring a VAT registration
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently -85,000. The taxable turnover threshold that determines whether businesses can apply for
Check a UK VAT number is valid
The check a UK VAT number service is available at: http://www.gov.uk/check-uk-vat-number.
This service allows users to check:
if a UK VAT registration number is valid; and
the name and address of the
Understanding UK VAT: A Comprehensive Guide for Business Owners
Value Added Tax (VAT) is a tax on goods and services in the UK. If you're a business owner, it's important to understand how VAT works and how to comply with the regulations. This guide covers everything you need to know about UK VAT, including registration, rates, and filing requirements. Who must register for VAT? … Continue reading Understanding UK VAT: A Comprehensive Guide for Business Owners
VAT Exempt services
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes.
This means that the business is required to make an apportionment between the
Transfer of Business as a Going Concern
The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be
Know when to recover VAT on entertainment expenses
When it comes to business entertainment expenses, understanding the treatment of Value Added Tax (VAT) is crucial for businesses operating in the UK. While VAT can generally be reclaimed on goods and services used for business purposes, there are specific rules governing the recovery of VAT on entertainment expenses. In this blog post, we will … Continue reading Know when to recover VAT on entertainment expenses
Your tasks if a VAT-registered business
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently -85,000. Businesses with turnover below this level can also apply for a voluntary VAT
VAT on imported vehicles
The Notification of Vehicle Arrivals (NOVA) is an online notification system for vehicles entering the country for permanent use on UK roads.
You can use the service if you are:
a VAT-registered
VAT guidance for overseas sellers
New simplified VAT guidance for overseas sellers has been published by HMRC. The guidance also includes a new translation into simplified Mandarin to help support Chinese retailers that sell goods