Professionals call on Treasury not to lower VAT threshold before MTD and Brexit

The Low Incomes Tax Reform Group (LITRG) of the Chartered Institute of Taxation (CIOT) has called on the Treasury to resist pressure to reduce the VAT threshold from its current £85,000 until after the implementation of Making Tax Digital (MTD)

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Building contractors will have to comply with complex new VAT rules

Those working in the construction and building industry are being encouraged to get to grips with a new way of accounting for VAT. Draft legislation, subject to consultation until 20 July, provides that from 1 October 2019 builders, contractors and

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Chancellor fails to deliver on Office for Tax Simplification’s VAT simplification recommendations

The Office for Tax Simplification (OTS) recently published its findings following a review intended to ensure the VAT system remains relevant. On the basis of its findings, the OTS made eight core recommendations: The Government should examine the current approach

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Scammers take advantage of businesses ignorance on EU VAT rules

Businesses across the UK are being targeted by scammers who are charging them to update companies VAT registration numbers online, when it is not necessary. Typically businesses are told that as part of changes to EU legislation, which obligates all

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Small businesses see changes to the VAT Flat Rate Scheme

Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes, which came into effect at the beginning of this month. The Flat Rate Scheme was created

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Flat rate VAT changes for limited cost traders explained

The VAT Flat Rate Scheme (FRS) for limited cost traders is set to increase to 16.5 per cent, effective 01 April 2017. The flat rate scheme has long given businesses the opportunity to simplify the way VAT is calculated, but

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Are you using the VAT Flat Rate Scheme? You should probably read this.

Many small businesses operating the VAT Flat Rate Scheme (FRS) benefit from reduced administration time and in certain cases can gain financially from the scheme – until now that is! A new FRS category has been introduced for “limited cost

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Flat rate VAT changes for limited cost traders explained

The VAT Flat Rate Scheme (FRS) for limited cost traders is set to increase to 16.5 per cent, effective 01 April 2017. The flat rate scheme has long given businesses the opportunity to simplify the way VAT is calculated, but

Read more...

Small businesses to see changes to the VAT Flat Rate Scheme

Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes. The Flat Rate Scheme was created to simplify businesses’ record keeping, by making it easier for

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VAT law can be like pulling teeth – as two dentists found out

The Upper Tribunal has dismissed an appeal by Darren and Lynn Hills, in a case about the application of the option to tax over a dental surgery. The property was a dental surgery and, as dentists, the appellants were exempt

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