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
Category: Value Added Tax
Value Added Tax otherwise known as VAT information.
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
Changes in VAT penalties
The first monthly returns and payments affected by HMRC-s new VAT penalty regime were due by 7 March 2023. The new VAT penalty rules apply to the late submission and / or late payments of VAT returns
Do I need to submit a VAT return?
Value Added Tax, or VAT, is a tax added to many goods and services sold by VAT-registered businesses. This tax is often a 20% addition to the price of an item, though there are goods and services for which VAT is charged at a reduced or zero rate.All businesses with a VAT taxable turnover for … Continue reading Do I need to submit a VAT return?
New VAT penalty regime
The first monthly returns and payments affected by HMRC-s new VAT penalty regime are due by 7 March 2023. The new rules apply to the late submission and / or late payments of VAT returns for VAT
Your guide to UK Compliance Obligations
Companies need to follow rules set out by many different government bodies, written in various legislative documents. When1 setting up and running a limited company, you have to keep in mind all of the following:Complying with applicable industry regulations set out by professional regulators - for example, the Financial Conduct Authority, the Office of Rail … Continue reading Your guide to UK Compliance Obligations
VAT - transfer of business as a going concern
The transfer of a business as a going concern (TOGC) rules concern the VAT liability of the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be
VAT - unpaid tax collectors
If you are required to register your business for VAT purposes you are joining that reluctant band of business owners that are obliged to collect tax for HMRC.
The amount of VAT you have added to
When you must register for VAT
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
What is the VAT One Stop Shop?
The VAT One Stop Shop is an EU wide scheme that allows a VAT registered business to register in only one single EU Member State. The scheme was extended with effect from 1 July 2021. The extended
New VAT penalty regime from 2023
A new VAT penalty regime will affect all VAT registered businesses from 1 January 2023. The changes will apply to the late submission and / or late payments of VAT returns for VAT return periods
Claiming back pre-trading VAT costs
There are special rules that determine the recoverability of pre-trading VAT costs. Pre-trading VAT costs describe VAT that was incurred before a business registered for VAT and is known as
VAT - partly exempt businesses
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
Check a UK VAT number
The ability to check a UK VAT number 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
New VAT Registration process for agents
A new VAT registration process known as the VAT Registration Service or VRS was made available to agents from 1 August 2022. The VRS had been in testing mode for the previous 18 months and was used by
VAT Flat Rate scheme
Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to
Final warning to use MTD for VAT
The Making Tax Digital (MTD) for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of -85,000 became mandated to keep their records digitally and provide their
How the VAT Reverse Charge works
The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of sophisticated fraud.
UK businesses receiving certain specified
Statutory interest
Taxpayers that are owed VAT repayments by HMRC are entitled to claim statutory interest under certain circumstances. Where this is the case, a claim should be made in writing to HMRC. VATA s78 (11)
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
VAT Capital Goods Scheme
The VAT Capital Goods Scheme (CGS) is a means of adjusting 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