Posts Tagged ‘VAT’

Day 5: How we can help (Sage Accounts 2014)

Posted on: August 2nd, 2013 by Mark Jones No Comments

How MHA Broomfield Alexander can help

As Sage Accountant Partners, we are more than qualified in assisting you and your business in selecting, implementing, and using Sage products.

We have the knowledge to be able to select and give training to help your business succeed.

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Day 4: Sage Accounts 2014 launched today

Posted on: August 1st, 2013 by Mark Jones No Comments

The new Sage 50 Accounts 2014 software is released today, and as Sage Accountant Partners, MHA Broomfield Alexander can not only help you find the right accounting software for your business, we can also offer exclusive deals on Sage products as well as offer you support in implementing the systems and give you training in how to use them.

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Day 3: Why upgrade? (Sage Accounts 2014)

Posted on: July 31st, 2013 by Mark Jones No Comments

The new update for Sage 50 Accounts is available from 1st August 2013, and offers a range of new benefits.

The key features of this update include VAT, stock, foreign trading, charity, and staying connected.

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Day 2: Focus on VAT (Sage Accounts 2014)

Posted on: July 30th, 2013 by Mark Jones No Comments

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Many businesses worry about VAT.

“Should I be VAT registered?

“What happens if I get it wrong?”

“When do I submit returns?”

Sage 50 Accounts 2014 aims to take the stress out of VAT submission and guide users through the process!

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Day 1: Are you ready for Sage Accounts 2014?

Posted on: July 29th, 2013 by Mark Jones No Comments

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Sage Accounts 2014 – VAT edition

This week’s blog series is all about the new Sage 50 Accounts 2014 (The VAT edition). Over the next five days we will take you through the new product features, why you should upgrade, product demonstrations and some great offers!

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Reduced VAT rate withdrawl – energy-saving materials installed in charitable buildings

Posted on: September 17th, 2012 by Sarah Case No Comments
Sarah Case, Director, MHA Broomfield Alexander

Sarah Case, Director, MHA Broomfield Alexander

UK to withdraw reduced rate from 2013

HMRC has confirmed its intention to withdraw the reduced (5%) rate of VAT from the installation of energy-saving materials (ESMs) in relevant charitable buildings. This is set out in Revenue & Customs Brief 26/12 and will probably take effect from 1 August 2013.

Where work has commenced for the installation of ESMs before the date of withdrawal (provisionally 1 August 2013), the reduced rate will continue to apply to the whole installation even if part of that installation is performed after that date.

The change is because the reduced rate on such supplies is not permitted under European law. The EC has commenced infringement proceedings on three grounds:

  • that there is no specific provision in EU law to allow a reduced rate for ESM;
  • that the EU provisions on which the UK relies as the legal basis for the reduced rate (Category (10) of Annex III to the Principal VAT Directive) only apply where introduced ‘as part of a social policy’, whereas the UK’s relief for ESM has been introduced as part of an environmental policy; and
  • that, in any event, the UK’s relief is too wide as the EU provisions on which it relies apply only to housing, which does not include buildings used for a relevant charitable purpose

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Taking on extra staff to cover the Olympics?

Posted on: June 29th, 2012 by LeightonReed No Comments
Leighton Reed, Director, MHA Broomfield Alexander

Leighton Reed, Director, MHA Broomfield Alexander

Businesses across the UK are anticipating busy trading activity during the Olympics and it is expected that many will take on temporary staff to cope with increased demand. With that in mind, HMRC is reminding business owners to be extra cautious when employing temporary staff through labour agencies for any kind of work during seasonal and market demand.

Businesses operating in the leisure and construction sectors, including catering, food processing, hotels, security and builders, are being warned that they could inadvertently be hiring employees who are working illegally in the UK, or who are earning below the national minimum wage. Agencies who supply such temporary staff, known by HMRC as ‘gangmasters’, may also fail to pay the correct, if any, VAT, national insurance contributions and PAYE deductions.

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Proposed VAT Cost Sharing Exemption

Posted on: May 9th, 2012 by Liz Mounfield No Comments

Our regular guest contributor, Liz Maher of Centurion VAT discusses the proposed VAT Cost Sharing Exemption.

It seems a long time in coming since it was announced in the Autumn Statement 2011  but Centurion now have sight of the Draft proposals for the introduction of this new VAT exemption for qualifying recharges, between a shared service centre and its members, to benefit from a VAT exemption treatment rather than a taxable VAT treatment. Comments about “my horse could have had a foal in same time” from me are being ignored by the rest of the Centurion team!

The draft proposals are open for consultation until the 18th May and Centurion are happy to consolidate any comments from interested parties on the plans for implementation of this VAT exemption or if you’d like to discuss the proposals as the details of its working are becoming clearer (or less opaque!).

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Grants & Contracts: or as we say in VAT is it a Grant or a Contract?

Posted on: February 16th, 2012 by Liz Mounfield No Comments
Liz Maher, Director, Centurion VAT

Liz Maher, Director, Centurion VAT

Trying to decide whether monies received from a local authority or government body are actually payment for services rendered or a non business grant just keeps coming up as a VAT concern for charities we find. Often the position is not helped by a lack of clarity within the contracts.

At its basic level VAT is a transaction based tax and this is reflected in the recent CTRG note. Put simply you are making a supply by way of business if you deliver a benefit that has some value to a third party or to the grant provider in direct exchange for the monies received.

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VAT online returns and electronic payment

Posted on: January 10th, 2012 by MarkJones No Comments

 

Effective from 1 April 2012, it will be compulsory for all VAT registered businesses to file all VAT returns online.

You must submit your VAT Return online and pay any VAT due electronically if either of the following applies:

  • you registered for VAT before 1 April 2010 and had an annual VAT-exclusive turnover of £100,000 or more for the 12 months ended 31 December 2009
  • you registered for VAT on or after 1 April 2010 (regardless of your turnover)

In the case of the first group, you must continue to submit all your VAT Returns online (including nil and repayment returns) even if your turnover drops below £100,000 in the future.

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