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 […]
Category Archives: VAT
11
Feb
Feb
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 […]
27
Aug
Aug
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 […]
31
Jan
Jan
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 […]