< 1 minute to read 1 April 2024 saw the VAT 12-month taxable turnover threshold rise from £85k to £90k. This measure was announced by the Chancellor in the Spring Budget with the aim of helping to support small and medium-sized enterprises (SMEs). The deregistration threshold limit also increased by £5,000 from £83,000 to £88,000 from 1 April 2024. For …
Exporting goods? Prepare for new customs platform
2 minutes to read Those exporting goods need to be aware of HMRC’s new Customs Declaration Service (CDS). Originally planned to become mandatory on 30 November 2023, there has been an extension to the deadline for some businesses. Now – 1. Between now and 30 November 2023, high-volume exporters will be supported to move to the new platform. 2. …
Continue reading "Exporting goods? Prepare for new customs platform"
VAT payment plans – how to qualify
< 1 minute to read Would your VAT-registered business qualify for a payment plan? As a start, it would need to owe less than £20,000. Our VAT expert outlines the full qualifications for the ‘Self-serve time to pay for VAT’ service from HMRC below. Also known as time to pay agreements, the online VAT payment plan is available if a …
Changes to VAT penalties
2 minutes to read HMRC have announced new VAT late submission, late payment penalties and interest charges for all VAT registered businesses. As part of HMRC’s ambition to become a modern, trusted tax authority, it is changing the way penalties are issued for submitting late VAT returns and paying VAT late. For VAT periods starting on or after 1 …
VAT: changes to notification process
< 1 minute to read VAT: changes to the notification process for opting to tax land and buildings HMRC have further amended their guidance on the option to tax land and buildings. It is important to note that from the 1 February 2023 no acknowledgement letter will be issued by HMRC. Instead, they are now asking that traders include the …
VAT: Terminating a contract early?
2 minutes to read When someone charges a customer to withdraw from an agreement to supply goods or services, the position can be complicated. What is the position as regards VAT – never a set of tax rules to take lightly? And why is it news now? In a nutshell Since 1 April 2022, there’s been something of a …
Coronavirus, importers, exporters and customs authorisations
< 1 minute to read To assist with the COVID-19 response, HMRC has published guidance on COVID-19 easements for importers, exporters and customs authorisations on the following matters: Pay no customs duty and import VAT on medical supplies, equipment and protective garments during the COVID-19 response Moving goods through customs during the coronavirus response Customs authorisations during the coronavirus response …
Continue reading "Coronavirus, importers, exporters and customs authorisations"
Making Tax Digital (MTD)- Extension for digital links
< 1 minute to read HMRC has confirmed an extension to the deadline for implementing digital links for MTD for VAT as follows: “We understand that the impact of COVID-19 is creating extremely difficult times for all, and we are committed to helping in every way possible all those businesses facing unprecedented challenges. Therefore, we are providing all MTD businesses …
Continue reading "Making Tax Digital (MTD)- Extension for digital links"
EU chain transactions and zero-rated goods: the VAT changes you need to know about
2 minutes to read A new law, in force since 1st January 2020, requires UK suppliers to Europe to produce a written statement to accompany the dispatch of goods to the EU. Amidst the post-General Election news and Brexit commentary, these changes may have slipped under the radar for many. We have outlined the requirements readers may not be aware …