VAT Warning for Cosmetic Surgery Providers The cosmetic surgery sector is firmly under HM Revenue & Customs’ (HMRC) microscope. Recent guidance and enforcement action confirm that many aesthetic treatments once assumed to be exempt from VAT are, in fact, subject to the standard 20% rate. This is especially relevant for practitioners offering Botox, dermal fillers, […]
Private medical practitioners operate in a highly regulated environment where understanding and adhering to Value Added Tax (VAT) and other tax rules is essential. Non-compliance can lead to costly penalties, reputational damage, and financial risks. This article breaks down the VAT obligations specific to private medical practitioners, explores the distinction between exempt and non-exempt services, […]
If you are running or managing businesses within hospitality sector, this is very important information affecting your business from 01 October 2021. Hotels, restaurants and bars Catering Lodging Food and drink service Event planning Theme parks Travel and tourism In July 2020, during the Covid-19 pandemic period, the Government reduced the Standard VAT rate from […]
VAT domestic reverse charge applies 01 March 2021 In the 2017 budget, the Government announced a VAT reverse charge to combat “missing trader” fraud. The scheme is called VAT reverse Charge and the date of implementation is 01 March 2021. In simple words from 1 March 2021, the domestic VAT reverse charge must be used […]
The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations, although some VAT experts would argue that the scheme is not simple to use. Broadly, the FRS is a simplified VAT accounting scheme for small businesses, which allows users to calculate VAT using a flat rate […]
Many small business owners are still not aware of Making Tax Digital (MTD). From April 2019, VAT registered businesses with turnover over £85,000 will be required to keep a digital record of their VAT transactions, and submit their VAT returns using Making Tax Digital compliant software. As the MTD deadline approaches, here is […]