by Henry Walker | Mar 1, 2023 | Business, HMRC, VAT
Major changes to the way businesses process goods moving between EU Member states and Northern Ireland where excise duty has been paid came into effect on February 13 and anyone dealing with relevant goods must comply. The new Excise Movement and Control System (EMCS)... 
by Henry Walker | Feb 8, 2023 | Finance, VAT
A new VAT penalties regime was brought in this month, and any firms or individuals missing their filing deadline from January 2023 onwards will receive penalty points even if there is no VAT due to be paid. While this may sound more benign than getting a fine,... 
by Henry Walker | Sep 1, 2022 | Business, Finance, VAT
All deferred VAT payments should have been dealt with by now, but HMRC has flagged in its latest bulletin for August that if your business is one of those that still has not managed to complete the payments that have been delayed, then you could be facing a penalty.... 
by Henry Walker | May 4, 2022 | Business, Finance, HMRC, Tax, VAT
Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from... 
by Henry Walker | Dec 1, 2021 | Business, Finance, HMRC, Tax, VAT
Making Tax Digital (MTD) is a Government initiative that aims to provide the UK with one of the most digitally advanced tax administrations in the world. Under MTD, taxpayers are required to keep electronic records and report to HMRC digitally. MTD is being... 
by Henry Walker | Nov 3, 2021 | Business, VAT
To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5% applied from 15 July 2020 until 30 September 2021. This rate has now come to an end, and a new reduced rate of 12.5%...