New HMRC service allows businesses to set up online payment plans for VAT owed
HM Revenue & Customs (HMRC) have recently confirmed that businesses that owe less than VAT £20,000 can now set up a payment plan online.
VAT penalties for late filing or payments – be aware of the changes
HM Revenue & Customs (HMRC) has removed the default surcharge for late payments of VAT and replaced it with what is a new penalty charge. The way interest is charged has also been amended.
Supreme Court rules roof replacement company must pay £2.5 million VAT bill
A roof replacement company has been hit with a £2.5 million tax bill after a ruling that the insulated roof panels it supplied did not qualify for a VAT-reduced rating.
The VAT filing deadline is approaching: How to get prepared
It’s important to stay up to date with the latest regulations and requirements related to taxes, including Value Added Tax (VAT) to avoid penalties.
How can you deal with VAT return errors?
If you are running a business, handling VAT returns can be complex.
You may have submitted returns with errors previously if you were unsure of what to do and could be at risk of further investigation or fines from HM Revenue & Customs (HMRC).
New VAT penalty regime – What do you need to know?
HMRC is launching a new penalty regime where VAT returns are submitted late or VAT is not paid on time.
Flat Rate Scheme: What do you need to know?
When running a business, ensuring you get VAT right is vital. So, how can you make things easier?
New VAT Registration Service (VRS) set to launch
HMRC is introducing a new VAT Registration Service (VRS), it has been revealed.
Steep price rise warning as hospitality businesses yet to receive Omicron funding
The hard-pressed hospitality industry is facing some difficult choices after the temporary cut in VAT to 12.5 per cent reverted to the full 20 per cent. It will result in double-digit price increases for consumers as operators struggle to survive, leading industry body UKHospitality says.
Getting the data right is key to growth in hospitality
Hopes that the temporary VAT cut for hospitality would be extended were dashed in Chancellor Rishi Sunak’s Spring Statement this week.