vat Archives - Newby Castleman

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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26th March 202424th April 2024

2024/2025 Tax Data

< 1 minute to read In an easy-to-read format, our tax data cards contain a snapshot of the tax rates and bands for individuals and businesses for the financial year 2024/25. Download a copy here, or get in touch with either our Leicester or Loughborough offices for a printed card. Rates, bands and allowances covered include those for: Income Tax …

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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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