Potential repercussions of the new VAT regulations

As of January 1^st VAT laws changed in the EU. Prior to 2015 VAT was applied in the country where the product was sold. However, laws have changed and now EU VAT will be charged in the country where products are bought. This legislation applies to digital products only, i.e. downloads, online courses and e-books.   The reason for this new tax law is to try and crack down on major corp… Continue Reading

VAT for small businesses

What is the definition of VAT?

Value Added Tax is a tax that suppliers of either goods or services charge on top of the cost of the goods or service and is something often handled by a specialist business accountant. There are four different VAT categories depending on the type of goods and services supplied.

Who is exempt from paying VAT?

Education, finance, insurance, doctors and d… Continue Reading

Alternatives to online VAT filing

As of July 2014 certain circumstances may make individuals exempt from online VAT Return submission and electronic payment of VAT following an amendment of the VAT regulations. Compulsory online VAT filing was introduced in two tranches in 2010 and 2012 and became effective for all businesses in April 2012. The amendment came about following appeals in a test case against the ma… Continue Reading

VAT Rates – Now you are Registered

View this HMRC video in which you will be taken through the different VAT rates and some things that don’t include VAT. It also contains information about what you can and can’t claim for VAT, and keeping the correct business records. … Continue Reading

Tuchbands Budget Report

The Chancellor’s 2013 Budget contained some important announcements and confirmed a number of changes planned for the new tax year. Following this, we are delighted to attach the Tuchbands Budget Report  which contains the latest tax and financial information, which we trust you will find useful. As a result there may be a number of changes that will affect you so please fee… Continue Reading

VAT returns

On 9 January HMRC launched a VAT Outstanding Returns Campaign which is aimed at businesses who are behind with their VAT returns. If the outstanding returns are not filed by 28 February, then these businesses are under threat of  being  targeted for detailed enquiries which could result in penalties. That leaves eight days to file any outstanding VAT returns.… Continue Reading