Value Added Tax (VAT) is a consumption tax levied on the sale of goods and services in the UK. Understanding when and why to register your business for VAT is crucial both for compliance reasons and also as part of effective financial planning.
 

The 5% reduced rate of VAT is available for a wide range of residential conversion and renovation projects, but it is often overlooked. Applying 5% rather than 20% VAT can dramatically reduce the construction budget.

The government has announced that the new penalty system for late submissions of VAT returns, which was due to come into effect from 1 April 2022, will now be delayed by nine months, until January 2023.
 

The EU’s e-commerce package will introduce changes from 1 July 2021, relating to the movement of goods from Northern Ireland to the EU as well as imports of low value goods into the EU or Northern Ireland.

We are delighted to announce that Lorna Bloor and Gemma Roger have been promoted to Associate at Moore East Midlands.

HMRC have announced that businesses who deferred VAT payments between between 20 March and 30 June 2020 and still have payments to make can opt in to the new VAT deferral payment scheme when it launches later this year.

With the VAT reverse charge for the construction industry having been twice delayed because of Brexit and Covid, many of you will have learnt and forgotten these new rules twice over already.

HMRC has advised that in the event of a no-deal Brexit, UK businesses will need a UK EORI number to continue trading with the EU.
 

In response to the recent announcement that Moore LLP are merging with BDO, Moore East Midlands have released a statement confirming that they are remaining part of the Moore UK and International networks. 

VAT specialist Andy Hancock looks at the rules around claiming VAT on pool cars.