Brent Goodwin, Author at Newby Castleman

5th August 20245th August 2024

VAT and private school fees

2 minutes to read It was confirmed last week that VAT will be charged on private school fees across the UK. This will take place from 1 January 2025. In addition, business rates charitable relief for private schools in England will cease. The tax changes will also enable private schools to recover VAT they have incurred on their expenditure. …

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24th July 202413th August 2024

Changes to VAT registration details? Update online only

< 1 minute to read HMRC is withdrawing the paper form VAT 484 used to notify changes to a trader’s VAT registration information. From 5 August 2024, changes will need to be made either: – by a trader’s agent through their Agent Services Account, or – through a trader’s own business VAT online (gateway) account. However, changes to bank details …

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29th May 202417th June 2024

VAT fraud: check your details

2 minutes to read There have been recent cases where taxpayers’ bank account details have been amended on the HMRC portal, without their knowledge, so that VAT repayments have been diverted to a third party. Has HMRC contacted you to say your details have been changed? It is understood that Large Business ‘customers’ are being contacted by HMRC to …

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3rd April 202417th April 2024

VAT threshold changes

< 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 …

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23rd August 202329th August 2023

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. …

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30th June 202317th January 2024

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 …

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17th January 20237th February 2023

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 …

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23rd November 202217th January 2023

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 …

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8th November 20228th November 2022

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 …

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1st April 20201st April 2020

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 …

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