Archive for the ‘VAT’ Category

Update on the VAT treatment of electronic searches

Posted on: June 25th, 2018 by Liz Maher No Comments

The Law Society met with HM Revenue & Customs and has now released interim guidance on how HMRC intends to approach the VAT treatment of electronic property searches. (more…)

Integrated Health and Care Hubs planned for Wales – Why the VAT impact needs planning

Posted on: May 30th, 2018 by Liz Maher No Comments

News that £68m of investment would be made in the development of 19 health and care centres across Wales caught my eye in April. Plans for 11 new Hubs and GP Centres, as well as money to refurbish existing centres will certainly be the sort of expenditure that will attract VAT on those projects – so will that VAT be recoverable and indeed who will be incurring that VAT? (more…)

VAT Inspections in the Legal Sector

Posted on: April 18th, 2018 by David Holden No Comments

The 2017 case involving Brabners Solicitors and in particular the VAT treatment of online search fees has been well documented.  At MHA Broomfield Alexander, we have seen evidence of HMRC’s targeted approach in visiting firms to follow up on this issue.  (more…)

VAT Hot Topics

Posted on: January 29th, 2018 by David Holden No Comments

Retailers who sell food – hot or cold? VAT charged or not?

There are two key questions to ask when deciding whether the sale is standard rated or zero rated.

  • Is any supply of food for consumption on the premises on which it is supplied; and
  • Is any supply of hot food provided for consumption off those premises?

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For whom does VAT Toll?

Posted on: January 11th, 2018 by Liz Maher No Comments

Well the good news is that it doesn’t now apply to any tolls paid by commuters – business or personal – crossing on the Severn Bridges from the 8th January 2018. (more…)

VAT Alert: Charities will NOT be excluded from Making Tax Digital roll out

Posted on: November 14th, 2017 by Sarah Case No Comments

Broomfield & Alexander have been working extensively with our clients to move them to accounting software systems. This is in preparation for April 2019 when HMRC will expect VAT registered businesses to be able to pass their VAT return data across directly to HMRC in a digital format.

Liz Maher from Centurion VAT Specialists team – who works with us in supporting our Charity Sector clients – has passed news to us of a significant VAT change which will impact across the sector. (more…)

VAT Flat Rate Scheme – are you a winner or loser?

Posted on: July 6th, 2017 by Leighton Reed No Comments

In the last few weeks I have seen two businesses that have been using the VAT flat rate scheme that would be far better off outside the scheme. Why is this? The flat rate scheme is a simplification introduced by HMRC to help small businesses account for VAT more simply. However as a simplification, it is not the best route for every business. (more…)

BREXIT – What now?

Posted on: January 26th, 2017 by Leighton Reed No Comments

Theresa May’s declaration that the UK is to leave the single market brings with it a whole host of VAT and Customs Duty challenges which we recommend that businesses start planning for now, as there will be increased compliance and complexity to deal with. (more…)

Brexit and VAT

Posted on: July 7th, 2016 by Liz Mounfield No Comments

In the recent referendum the UK, including Wales, voted to leave the EU. While nothing much is expected to happen in the short term regarding VAT, once the Government has triggered Article 50 of the Lisbon Treaty to formally confirm that we are leaving negotiations will begin in earnest to agree the terms and process of our exit. It is said that negotiations are likely to take place over a 2-year period but possibly they may take more or less time than that, we just don’t know yet.

During the period of negotiation and until they are concluded, the UK is still part of the EU and accordingly we would expect that it must continue to be bound by EU VAT legislation, European Court Judgements on VAT and also reporting requirements, including VAT returns, ESL returns for both goods and services and Intrastat returns.

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Diversification in agriculture: Is it time to branch out?

Posted on: May 19th, 2016 by Sarah Curzon No Comments

Sarah CurzonWith income and margins continuing to be squeezed in the agricultural sector for a number of reasons, many businesses are looking to diversify to generate additional income.

Common examples of diversification include the selling of produce, whether primary or value added and providing leisure accommodation either in the main farmhouse, converting unused buildings or developing a campsite.

The benefits of diversification are the greatest if it can be achieved with minimal increase to the cost base.  However, it is important to get some key aspects right at the start to minimise risk to the overall operation.

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