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Repaid VAT triggers spike in tax receipts

Aug 20, 2021 |

Tax receipts for April to July 2021 came to £226.2 billion, £76bn higher than in the same period a year earlier, data from HMRC shows. The tax authority warned against making too many comparisons between the two periods because they were skewed by the effects of the...

Sweeping VAT changes for goods outside the EU

Jul 2, 2021 |

The EU has brought in new VAT rules for non-EU eCommerce exporters through the introduction of the one-stop shop (OSS). Under the optional process, non-EU B2C suppliers of goods and services no longer have to make multiple registrations for each EU state they supply...

HMRC publishes penalties for not paying deferred VAT

Apr 16, 2021 |

Businesses with deferred VAT payments must begin paying the amounts they owe if they want to avoid a 5% penalty or interest now, HMRC has advised. The VAT payments due are the ones that the Government deferred from 20 March 2020 to 30 June 2020 to help businesses...

VAT reverse charge reminder

Feb 16, 2021 |

HMRC’s domestic reverse charge for the construction industry comes into force in less than a fortnight.The charge affects VAT-registered businesses and individuals who supply or receive certain services that are reported within the construction industry scheme from 1...

Firms urged to reinstate VAT direct debits

Jun 19, 2020 |

Businesses that chose to defer VAT payments during the COVID-19 crisis should set up new direct debit mandates to pay their next VAT bill on time, or risk being fined. VAT-registered firms in the UK were offered the chance to defer VAT payments due between 20 March...