Archive for the ‘VAT’ Category

Deregistering for VAT

Posted on: November 1st, 2018 by Linda Strange No Comments

When and how to begin the process of deregistration.

These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.

Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible? (more…)

Making VAT Digital (MVD) Update

Posted on: October 17th, 2018 by Liz Maher No Comments

Implementation Change for Specific Sectors

What has changed:

HMRC issued a policy paper yesterday to advise of their decision to delay the mandatory date for digital submission of their VAT Return from the 1 April 2019 to the 1 October 2019.

The roll out of MVD will continue as planned for all un affected sectors. From the 1 April 2019 businesses must be able to submit their VAT return data to HMRC through an accepted form of bridging software.

Those specific sectors affected by this delay will effectively have a further 6 months to ensure they can meet this digital submission requirement. (more…)

SMEs cite VAT as ‘biggest administrative headache’

Posted on: September 3rd, 2018 by Sarah Case No Comments

VAT creates the biggest administration burden for around two-thirds of businesses in the UK, research from the British Chambers of Commerce (BCC) has claimed.

The report, which polled more than 1,100 businesses of all sizes, found that 64% were bamboozled by an array of rates and rules to comply with VAT legislation. (more…)

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?


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…)