Brexit: Accounting for Import Tax on Your VAT Return

From 1 January 2021, if your business is registered for VAT in the UK, you'll be able to account for import VAT on your VAT Return. Postponed accounting will be introduced to allow to a phased implementation of the customs declaration until 30 June 2021. This would mean that when the goods enter the UK, you … Continue reading Brexit: Accounting for Import Tax on Your VAT Return

Brexit: What Are the Changes to EU VAT Refunds?

You can continue to use the EU VAT refund system to claim a VAT refund on expenses incurred before 1 January 2021 in EU member states, until 11 pm on 31 March 2021. You will not be able to use the EU VAT refund system to claim VAT refunds on expenses incurred in an EU … Continue reading Brexit: What Are the Changes to EU VAT Refunds?

Brexit: What Are the VAT Changes for Goods Sold to Overseas Customers?

From 1 January 2021, you'll need to make customs declarations when exporting goods to the EU. These rules currently apply to shipping goods to the rest of the world, including Switzerland, Norway, Iceland and Liechtenstein. You can make the declarations yourself, but most businesses use a courier, freight forwarder or customs agent. These changes are … Continue reading Brexit: What Are the VAT Changes for Goods Sold to Overseas Customers?

Brexit: What Are the VAT Changes for Goods Purchased From Overseas?

From 1 January 2021, the UK will leave the European single market and customs union, which will impact the way businesses transact with the EU. This will result in many changes in how you account for VAT on goods you import or export from the EU. You'll need to make customs declarations when you import … Continue reading Brexit: What Are the VAT Changes for Goods Purchased From Overseas?

Businesses Must Plan Now and Not Rely on Government Schemes in Wake of Chancellor’s Statement

Cwmbran-based Green & Co Accountants and Tax Advisors, is advising cautious optimism following Rishi Sunak announcing a raft of incentives to shake the economy back into life following the effects of Covid-19. But, they warn, business owners must plan meticulously when it comes to the financial viability of their operations in the future. With the … Continue reading Businesses Must Plan Now and Not Rely on Government Schemes in Wake of Chancellor’s Statement

New Support Announced by the Chancellor in His Summer Statement

On Wednesday 8 July 2020, the Government held an emergency mini budget to minimise the pain as the economy faces the challenges of the past few of months. The main priority on the agenda was unemployment rates, with the Chancellor announcing that he wants to ‘protect, support and create jobs.’ What’s changing? Furlough Scheme With … Continue reading New Support Announced by the Chancellor in His Summer Statement

VAT Warning for Cafes and Sandwich Bars

Over the last few years, VAT on food has enjoyed more than its 15 minutes of fame in the tax spotlight. But with Making Tax Digital (MTD), it is something that cafes and sandwich bars would do well to look at again. Food or drink items which are sold hot at the point of sale … Continue reading VAT Warning for Cafes and Sandwich Bars

Are You Aware of Making Tax Digital?

According to recent statistics, 40% of UK small business are blissfully unaware of the Government’s Making Tax Digital (MTD) plans. With three months until the go-live date in April this year, that is a worrying figure. While 1.1 million business are set to fall under the scope of MTD for VAT, that equates to 440,000 … Continue reading Are You Aware of Making Tax Digital?

Disbursement or Re-Charged Expenditure?

Where a business incurs expenditure which is passed on to a customer, it is important to recognise the difference between a Disbursement and Re-charged Expenditure. A cost incurred on behalf of a customer is classed as a Disbursement and is reclaimed from the client, but does not form part of the main supply of services … Continue reading Disbursement or Re-Charged Expenditure?

Making Tax Digital for VAT: An Update

The issue of VAT is currently at the fore of the government’s Making Tax Digital (MTD) initiative. Here we provide an overview of the latest position. What’s changed? MTD was previously set to be implemented between 2018 and 2020. However, in response to concerns raised by experts over the pace and scale of the changes, … Continue reading Making Tax Digital for VAT: An Update